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Blockchain accelerator Coinsilium raises £250,000 in new share issue

Coinsilium Group Limited (NEX: COIN), the accelerator that finances and manages the development of early-stage blockchain technology companies, today announced that it has successfully raised £250,000.00 gross of expenses in an oversubscribed share issue through the issue of 11,363,636 ordinary shares of no par value at a price of 2.2 pence per share from current and new shareholders.

The funds raised will be utilized for proposed investment opportunities within the emerging blockchain based digital asset space, with the balance allocated towards the development of the company’s smart contract alliance initiative and general working capital purposes.

Eddy Travia, CEO of Coinsilium stated:

“We are delighted to see the continued support of our existing shareholders as well as new shareholders in the current fundraising which was significantly oversubscribed.  Since the Subscription was initiated, the share price has risen substantially, with an increased discount in the Subscription price relative to the current price.”

“This fundraising will enable us to invest in some exciting opportunities in the burgeoning digital asset sector, in addition to pursuing our own initiatives in blockchain and smart contract technologies.”

In addition, directors of Coinsilium have resolved to issue 1,534,092 ordinary shares in lieu of fees for services to the company as a fee share.

1,363,637 fee shares to the directors as part payment of salaries and 170,455 fee shares in lieu of cash fees for services are listed below:

Malcolm Palle £9,000.00 409,091
Tony Sarin £9,000.00 409,091
Eddy Travia £12,000.00 545,455
Others £3,750.00 170,455

The issue of shares in lieu of fees and part payment of salaries enables the company to keep its cost base to a minimum, preserving cash for investment activities.

Director’s number of ordinary shares as a percentage of the enlarged issued share capital:

Director Ordinary Shares post Subscription and Fee Shares Percentage interest in enlarged issued share capital
Eddy Travia 7,273,368 6.52
Malcolm Palle 7,437,012 6.67
Tony Sarin 3,444,805 3.09

On completion of the subscription, the company is aware of the following disclosable interests in the share capital of Coinsilium:

Name Ordinary Shares post Subscription and Fee Shares Percentage interest in enlarged issued share capital
Cosmic Bridge 11,791,176 10.58
Rockridge Investments 5,500,000

 

4.93
Hakim Mamoni 5,352,913

 

4.80
Malcolm Burne 7,508182

 

6.73
Cameron Parry 4,877,921

 

4.38
Michael Joseph 3,914,555 3.51

Total Voting Rights

Following the issue of the 12,897,728 subscription ordinary shares and the fee shares, the company has 111,487,831 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.

Last month, Coinsilium added social blockchain asset trading platform CoinDash to its growing portfolio of companies by investing $75,000.


Source: CryptoNinjas.net

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