Graphene Lighting PLC is aiming to become a world leader in the commercialization of graphene based light bulbs and illumination systems. The graphene bulb can be compared to the popular Light Emitting Diode (LED) which has taken the world by storm due to its low operating costs and brightness. A thin graphene coating further improves upon the strengths of the standard LED bulb. Specific benefits of graphene bulbs include longevity, minimal weight, low heat emitting, and aesthetics.
In its bid to further this technology, Graphene Lighting PLC is aiming to be listed on the Toronto stock exchange in Canada. In order to accomplish this the British company has signed a letter of intent to participate in a reverse takeover with a Canadian capital corporation called Oriana Resources Corp. (TSX: V.OUP.H). The reverse takeover entails a stock share exchange, resulting in Graphene Lighting becoming a subsidiary of Oriana Resources.
The terms require a planned $5 million private placement. The transaction involves six shares of Oriana to be exchanged for each common share of Graphene Lighting, and one share of Graphene Lighting PLC will be exchanged for one common share of Graphene Lighting Inc.
Graphene Lighting has managed to raise $3.5 million so far. The funds raised are to be used to furthering product research, affecting sales, and marketing efforts. The company currently has a production contract with a manufacturing company in Taiwan. The Taiwan Company is CE and ETL certified which means Graphene Lighting PLC’s products are certifiable for sale in Europe and North America.
The company will hire Bill Neill as the new CEO, who is a former advertising representative and a former publisher at the Financial Post.
“His expertise and management experience, particularly with public companies, are ideally suited for the company as we launch Graphene Lighting,’’ said Professor Colin Bailey who is the company’s inaugural chairman. Bailey also stated, “We are delighted with the rapid progress we’ve made on all fronts as we look to commercialize our technology.’’
The stock transaction is expected to be completed in October, and under the condition that approvals are received by regulators, the company’s stock will begin trading on the public stock exchange around quarter 4 of 2015.