HWL Ebsworth advises Sparc Technologies on its back door listing of Graphene Technology Solutions

24 November 2020

HWL Ebsworth has advised Sparc Technologies Limited (previously Acacia Coal Limited) on its acquisition and backdoor listing of Graphene Technology Solutions (GTS). Sparc Technologies recommenced trading on the ASX on 23 November making a strong debut with shares trading up to 90% higher than the IPO price.

The listing and acquisition process included a prospectus offering of 20 million shares at $0.20 each, successfully raising $4 million.

Following the acquisition of South Australian based GTS, Sparc Technologies’ core business will transition from coal and mineral exploration to the development and commercialisation of graphene-based products including marine and protective coatings, environmental remediation and metals recovery from tailings.

Sparc Managing Director, Tom Spurling, commented, “We would like to thank our existing and new shareholders for their support throughout this period of change that has resulted in the acquisition of GTS, the renaming to Sparc Technologies and the recommencement of trading.

Sparc will leverage the University of Adelaide’s experience to design, build and commission a scalable production plant to provide a reliable supply of high-quality graphene. The initial production process will be validated to supply graphene specifically for application into marine and protective coatings including for anti-fouling, wear resistance and drag resistance; as well as environmental remediation and precious metals recovery from tailings.”

The HWL Ebsworth team was led by Shaun Hardcastle (Partner) assisted by Jeremy Newman (Special Counsel), Nick Harrison (Solicitor) and Charlotte Griffin (Solicitor).

Discovery Capital Partners acted as corporate advisors and Morgans Corporate Limited acted as lead manager and underwriter.

Note to Editors:

HWL Ebsworth is the largest legal partnership in Australia according to the most recent partnership surveys published by The Australian and the Australian Financial Review.

The firm comprises 1,386 staff including 268 Partners, 781 other legal staff and 337 support staff across offices in nine locations – Adelaide, Brisbane, Canberra, Darwin, Melbourne, Hobart, Norwest (North West Sydney), Perth and Sydney.

HWL Ebsworth is an independent, nationally integrated, full service commercial law firm, providing tailored and commercially oriented legal services.

HWL Ebsworth operates a different business model to the other leading national law practices, and this allows us to offer unrivalled value for money without compromising quality and service. Our low ratio of solicitors to partners ensures that our clients receive optimal access to partner resources for all matters.

For further information, please contact:

Russell Mailler, National Marketing Manager (03) 8644 3569 or rmailler@hwle.com.au

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