Graphene Manufacturing Group Ltd (TSX-V:GMG, OTC:GMGMF) (GMG) said it has completed the previously-announced acquisition of the manufacturing intellectual property and brand rights of OzKem Pty Ltd's THERMAL-XR coating products.
The clean-technology company noted that OzKem developed the THERMAL-XR coating system products using GMG graphene together with OzKem's base Heating Venting and Air Conditioning (HVAC) coating.
GMG added that it now owns the THERMAL-XR brand, will buy the base coatings product from OzKem, and will manufacture the THERMAL-XR products containing GMG graphene.
READ: Graphene Manufacturing Group says it has taken a final investment decision on Phase 1 of its manufacturing expansion project
GMG said it paid OzKem an initial A$1 million in cash and issued 125,207 ordinary GMG shares to OzKem upon the receipt of certain deliverables and equipment from OzKem on September 8 and September 22, 2022, respectively.
The company also said it will issue an additional 125,206 GMG shares to OzKem, conditional on a successful commercial batch blend of the THERMAL XR product being completed by GMG.
GMG is an international distributor of THERMAL-XR products with a number of global commercial demonstrations underway or initial sales completed, according to the company.
As well, GMG reported that following a number of recent key recruitments and the completion of an external remuneration review, its board of directors has approved the grant of a total of 179,694 restricted share units (RSUs) to certain company officers and directors pursuant to its restricted share unit and performance share unit plan.
When vested, each RSU entitles the holder to receive one company share or the equivalent cash value, GMG noted.
Graphene Manufacturing Group has developed a proprietary production process to decompose natural gas (methane) into its elements, carbon (as graphene), hydrogen and some residual hydrocarbon gases.
This process produces high quality, low cost, scalable, 'tuneable' and low/no contaminant graphene suitable for use in clean technology and other applications.
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