Coinsilium Group Limited: Strategic Investment and IOV Labs Asia Update
Coinsilium Group Limited (COIN)
COINSILIUM GROUP LIMITED
("Coinsilium" or the "Company")
Coinsilium: Strategic Investment and IOV Labs Asia Update
IOV Labs to Increase Stake in Coinsilium with Worldwide Joint Venture Agreement
In tandem with the new investment agreement, the parties have agreed to expand the geographical scope of the IOV Labs Asia Joint Venture Company (the "JVC") from regional to worldwide.
● IOV to invest
● One warrant to be issued for every two shares subscribed for, with an exercise price of 4.5p per new ordinary share, and a life to expiry period of two years from the admission of the Subscription Shares.
● IOV Labs will have the right to appoint one Director to the Board of Coinsilium.
● IOV Labs holding in Coinsilium increases from 9,434,000 to 20,434,000 ordinary shares representing an interest of 13.90% of the Company's outstanding shares, excluding warrants and treasury shares.
● Scope of IOV Labs Asia JVC to be expanded from
● Funds to be used towards joint initiatives between Coinsilium and IOV and to further the growth and development of the Company.
● Coinsilium is now fully funded for all its proposed ventures, activities and budgeted commitments through to at least
Disclosure: Coinsilium holds a vesting interest of 1,951,846 RIF (RSK Infrastructure Framework) tokens. Coinsilium Chairman
"Having a partner and significant shareholder with the size and scale of IOV Labs provides Coinsilium with a solid foundation from which to launch a range of ambitious blockchain and crypto finance ventures, targeting the markets where we have identified the greatest potential. We also believe that the removal of territorial constraints with regards to our joint venture activities is a significant development and will open the way to even greater opportunities for our common endeavours.
"The timing of this follow-on investment and the expansion of the scope of the IOV Labs Asia JV is also particularly favourable, given the burgeoning growth and activity we are seeing in the sector, largely driven by the resurgent cryptocurrency markets which are now trading at levels surpassing those seen at the end of 2017.
"We look forward to providing the market with further development updates at this exciting and pivotal time for both the Company and shareholders."
With the deepening of our strategic relationship, we are now optimally placed to capitalise on the opportunities in front of us to boost adoption in the RSK Blockchain and RSK Infrastructure Framework (RIF) ecosystem in the Asian region and now also, in other key markets globally".
Background to Strategic Investment and Progression of IOV Labs Asia Joint Venture
Another key objective of the JV Company is to promote the adoption in the region of the RIF token which powers the ecosystem of solutions developed by RSK, their partners and independent developers around the world. The MOU further specified that
A further announcement was made on
Expansion of Scope of JV Company
The Company reports that IOV and Coinsilium have now agreed to broaden the scope of IOV Labs Asia to include the pursuit of commercial opportunities globally, rather than being limited to the Asian markets alone. This will enable IOV Labs Asia to make the best use of Coinsilium's worldwide network of relationships and contacts.
IOV Labs Asia is expected to be operational during Q1 2021 and, subject to COVID travel restrictions, Regional Director
Coinsilium Funding Position
Following this strategic investment by IOV Labs, based on minimum projected revenue assumptions, it is now fully funded for all its proposed ventures, activities and budgeted commitments through to at least
The Company reported on 4 November that details of its new strategy, operating model and strategic partnerships will be announced to the market, together with the renewed corporate branding and website relaunch during the current quarter. Investors may wish to review the Company's
The Company also announced on
The Directors of Coinsilium Group Limited take responsibility for this announcement.
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Notes to Editor
Coinsilium is a focused Blockchain, DeFi and Crypto Finance venture operator. As the first ever IPO of a blockchain company in 2015, Coinsilium has harnessed its experience and wide-ranging network to invest in leading blockchain projects such as RSK/IOV Labs, Indorse and Blox.
Coinsilium shares are traded on the
About IOV Labs
IOV Labs is a
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