Graphene Lighting PLC has signed a letter of intent to engage in a reverse takeover with Canadian capital pool company Oriana Resources Corp. Gaining a stock exchange listing in Canada is in line with Graphene Lighting’s intention to become a global supplier of graphene-enabled light bulbs and lighting systems.
Oriana and Graphene Lighting will complete the reverse takeover by way of a share exchange arrangement that will make Graphene Lighting a wholly-owned subsidiary of Oriana. The completion of the deal is subject to a number of conditions, like the closing of a $5 million brokered private placement of subscription receipts by Graphene Lighting, and using the proceeds to execute Graphene Lighting’s product development, sales and marketing strategy.
In case the reverse takeover proceeds, six shares of Oriana will be exchanged for each common share of Graphene. The combined company would then hold all of Graphene Lighting’s assets, and conduct business under the Graphene Lighting Inc. banner.
Source: stockhouse