GSTechnologies Ltd (LSE:GST) has raised £847,000 through a placing to accelerate its GS Money stablecoin plans, its new Canadian business and potential acquisitions.
The placing saw 77,000,000 shares issued at a price of 1.10p apiece by CMC Markets as broker, equating to roughly 4.2% of its issued share capital.
GST, which last raised £750,00 at 1p in May, added that it continues to focus on the development and roll-out of its GS Money solutions from the Group's Lithuania-based GS20 crypto-asset exchange and Angra Global.
The GS20 Exchange's 'soft launch' in November 2022 has been successful, it said, and a wider roll-out is now underway with more users signing up and the company "greatly encouraged by the market traction", with revenue generated via trading commissions "at varying levels depending on the type and size of transaction undertaken".
Angra Global, which was created via the merger of recent Canadian acquisition PAYPT Finance and Angra, the group's existing FCA-approved authorised payment institution based in London, has been onboarding new customers and is trading in line with the board's expectations, GST said.
A proportion of the placing proceeds will be utilised to progress Angra Global's cryptoasset wallet development and enhancements to its white label e-wallet solution, it added.