Zen Graphene change of business

2021-10-14 20:02 ET - Major Transaction Completed

The TSX Venture Exchange has accepted for filing the company's change of business, which includes the acceptance of the following transaction.

Pursuant to a licence agreement dated June 11, 2021, the company has acquired an exclusive licence to a patent-pending technology from the McMaster University for $100,000, comprising $50,000 cash and 19,157 common shares. The company has to pay a royalty percentage on net sales for 3.5 per cent, minimum annual royalty of $20,000 per year, starting from year 6. The company is also required to sponsor research at McMaster and pay $280,000 per year for five years to further develop the licensed patents. 

The company's change of business reflects the company's business transition to an intellectual property and product development company in graphene. The company is now classified as a research and development in the physical, engineering and life sciences company (NAICS No. 541710).

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