Coinsilium Group Limited (NEX: COIN), the accelerator that finances and manages the development of early-stage blockchain technology companies announced that it has successfully raised £118,000 gross of expenses through the issue of 5,900,000 ordinary shares of no par value at a price of 2 pence per share from current and new shareholders.
The funds raised will be utilized for an investment of approximately £60,000 in a blockchain-based management system for digital assets with the balance allocated towards the development of the company’s recently announced smart contract alliance initiative and general working capital purposes.
The identity of the investee company cannot be disclosed as the funding round is still open to a limited number of investors. A further announcement will be made in due course says Coinsilium.
Directors’ participation in the subscription:
|Director||Number of Ordinary Shares at 2 pence||Amount subscribed||Shares post fundraising|
In addition to the subscription, the directors of the company have resolved to issue 600,000 ordinary shares in lieu of fees for services to the company at the subscription price
The issue of shares in lieu of fees enables Coinsilium to keep its cost base to a minimum, preserving cash for investment activities.
Following the issue of the 5,900,000 subscription ordinary shares and the fee shares, the company has 98,590,103 ordinary shares in issue, which also represents the total number of voting rights in the company. This figure should be used by shareholders as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change to their interest in, the company under the FCA’s Disclosure and Transparency Rules.
Eddy Travia, Chief Executive Officer of Coinsilium, stated:
“We are very pleased to see new and existing shareholders and all the company’s directors supporting this fundraise which will enable us to invest in some exciting opportunities in this fast-growing sector in addition to pursuing our own initiatives in blockchain and smart contract technologies.”
“As the growth in digital asset offerings gathers pace, smart contracts are set to play a key role in the development of this market. Through its early investments in leaders in blockchain and smart contract technologies, Coinsilium is ideally positioned to take advantage of the commercial opportunities ahead.”
On completion of the subscription, the company is aware of the following disclosable interests in the share capital of Coinsilium:
|Name||Number of Ordinary shares||Percentage interest in enlarged issued share capital|
|Cosmic Bridge Ltd||11,791,176||11.96|
|Aden Partners Ltd||3,282,001||3.33|
Coinsilium is an accelerator that finances and manages the development of early-stage blockchain technology companies. It does this through its consortium of top-tier investors, industry thought leaders and executive managers. Based in London, Coinsilium’s focus is on driving innovation in fintech and blockchain technologies, enabling businesses to take advantage of growth opportunities.
Coinsilium shares are traded on the NEX Exchange Growth Market, the primary market for unlisted securities operated by NEX Exchange, a Recognised Investment Exchange under the Financial Services and Markets Act 2000.