Proton Tech Inc The planned makeover of Proton Tech, which probably delayed our drilling, looks to have been approved by Proton shareholders. Hopefully this means clear sailing ahead.
Proton Technologies Canada Inc.
On 14 October 2021, Sabien invested £100k in Proton, giving the Company a 0.08% shareholding. Subsequently, Sabien entered into a licensing agreement with Proton on 1 February 2022. This agreement allowed Sabien to deploy Proton's technology within the UK and the right to install a plant for the COF plastic to oil technology on Proton's Saskatchewan site. Sabien retains the rights conferred by this licensing agreement.
On 29 September 2023 Sabien received notification that a proposal from a third party to inject new capital, restructure its balance sheet, and reform its management team (the "Proposal") had been successful. Pending further information from the new management team, the Board of Sabien has concluded that an impairment provision of £99k is required at 30 June 2023 to reflect the dilution and notional value ascribed by the Proposal.
The Board considers that the Proton UK project offers strong longterm prospects for the Group but is not a current area of focus. Sabien will continue discussions with the new management team at Proton in relation to its option to install a COF plant at Proton's Saskatchewan site.