REG - Sabien Technology - Licence agreement with Proton Technologies

Sabien TechnologyAnnouncement

11/11/2021 07:00

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RNS Number : 0160S  Sabien Technology Group PLC  11 November 2021

THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION FOR THE PURPOSES OF REGULATION
11 OF THE MARKET ABUSE (AMENDMENT) (EU EXIT) REGULATIONS 2019/310.

11 November 2021

 

Sabien Technology Group plc

("Sabien" or the "Company")

 

Licence agreement with Proton Technologies Canada Inc.

The Board of Sabien Technology Group plc (AIM:SNT), a Company focused on
building a portfolio of solutions in the heating, cooling, and transportation
sectors, announces today that it has signed heads of terms ("HOT") with Proton
Technologies Canada Inc., ("Proton") in relation to a hydrogen processing
licence within UK territories.. The key elements of the HOT are:

·      A license for Sabien to produce 20 tonnes of hydrogen per day,
expandible by future agreement to higher volumes, generated using Proton's
technology, to process:

o  Suitable oil fields located Onshore United Kingdom (Great Britain and
Northern Ireland) and offshore within UK Territorial Waters ("the Territory"),
and/or

o  Oil output by City Oil Field ("COF") facilities in the Territory.

 

·      Proton to provide all necessary technical assistance to validate
suitable sites and to provide advice on establishing and operating the
installation

 

·      Consideration of £100,000 in cash; and

 

·      280,000 warrants to be issued with exercise price of 60 pence per
ordinary share of 3 pence each ("Ordinary Shares") with an expiry date of 19
February 2023.  These quantum of warrants was agreed as if the £100,000 cash
consideration was paid in shares on a 1:1 basis at a share price of 35.7p

 

In addition, the HOT include the option for Proton to install a 24 tonnes/day
recycling plant on its site in Saskatchewan using the COF process licenced to
Sabien to convert plastic waste to synthetic oil.

 

The HOT are subject to:

·      Completion of a mutually acceptable Intellectual Property Licence
agreement;

·      Regulatory approval for the installation and operation of a COF
facility at Proton's Saskatchewan site;

·      Payment of the Consideration; and

·      Completion of a mutually acceptable commercial agreement between
Proton and Sabien regarding the COF installation.

 

In the course of its due diligence in support of this licence agreement, the
Board of Sabien commissioned a report from JS Global Advisory into the likely
benefits from Proton's Clear H(2) Process. This report concluded that this
process "has the potential to be a significant step forward for the Onshore UK
Energy Transition Process" and also validated that there are suitable sites
within the territory of the licence agreement.

 

Commenting on the Proton licence deal, Richard Parris, Executive Chairman,
said:

"Sabien is delivering on its strategy of building a portfolio of operations
which, in combination, provide critical elements of the transition to a Green
Economy. Following Sabien's initial investment in Proton announced 14 October
2021, the Board is pleased to have secured a significant licence deal with
Proton. Proton's technology is likely to prove important in the development of
hydrogen as a major sustainable energy source. Alongside other investments and
partnerships with operators in areas such as HVAC efficiency, waste plastic
recycling into fuel oil, and high-speed electric motors, I believe that Sabien
is emerging as a champion for the Green Economy. We look forward to working
with Proton and to building further on our successful portfolio approach."

Further Information:

 Sabien Technology Group plc                  +44 20 7993 3700

 Richard Parris, Executive Chairman

 Allenby Capital Limited (Nominated Adviser)  +44 203 328 5656

 John Depasquale / Nick Harriss

 Peterhouse Capital Limited (Broker)          +44 207 469 0930

 Duncan Vasey / Lucy Williams

 

The person who arranged for the release of this announcement on behalf of the
Company was Richard Parris, Executive Chairman.

A copy of this announcement will be available from the Company's website at
www.sabien-tech.com (http://www.sabien-tech.com)

Further information on Proton Technologies Canada Inc., can be viewed at
Lowest cost Hydrogen with Zero Emissions. (proton.energy)
(https://proton.energy/)

A copy of the JS Global Advisory report is available on the Company's website
at  https://sabien.com/wp-content/uploads/2021/11/Clear-Hydrogen-in-UK-.pdf
(https://sabien.com/wp-content/uploads/2021/11/Clear-Hydrogen-in-UK-.pdf)

 

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