Haydale Says on Commercial Progress in the United States
1. Service Agreement with InVentures Group, Inc.
2. Opening of new office
Service Agreement with Inventures Group, Inc
In consideration for the services to be provided by InVentures to Haydale Tech, Haydale will issue 100 new ordinary shares in Haydale Tech, representing approximately 11.1% of Haydale Tech's enlarged issued share capital, to Inventures. Furthermore, InVentures has been granted an option to subscribe for up to 100 additional shares in Haydale Tech (the "Option"). 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 Tech. If the conditions are achieved and the Option exercised, Inventures would then own 20% of the resultant enlarged issued share capital of Haydale Tech.
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