Haydale logoHaydale has announced further progress in North America in the form of a service agreement with InVentures Groups, as well as the opening of a new office. The location of the new office and R&D facility, which is expected to be opened this month, is still under evaluation and likely to be in New York State.

The service agreement with InVentures is a rolling one year service agreement that dictates that InVentures will provide Haydale with financial, strategic and management planning advice to develop a center of excellence and establish Haydale as a leading provider of functionalized graphene and other nanomaterials to the North American market. In return, Haydale will provide an initial HT60 reactor to the USA to enable the functionalization of graphene and other nano materials on site. This reactor will provide sampling and low volume functionalized nano materials to the US market.  

In consideration for the services to be provided by InVentures, Haydale will issue 100 new ordinary shares in Haydale, representing approximately 11.1% of Haydale's enlarged issued share capital, to Inventures. Furthermore, InVentures has been granted an option to subscribe for up to 100 additional shares in Haydale. The exercise of the option is conditional upon InVentures reaching certain key business milestones in the twelve months to June 2016 including sales targets and providing agreed dedicated services to Haydale.