Coinsilium Group Ltd (AQSE:COIN, OTCQB:CINGF) told investors it has raised £472,500 via a placing of shares, supported by directors.
Chief executive Eddy Travia and executive chair Malcolm Palle both bought shares (worth £40,000 in aggregate) through the placing, which saw a total of 18.9 million new shares issued to investors at a price of 2.5p each.
Proceeds are earmarked for working capital as the fintech company advances its plans to accelerate its operational and investing activities to capitalise on AI and Web3 opportunities.
“Coinsilium is recognised as an active and leading player in the rapidly emerging Web3 economy, and we in turn recognise the opportunity for substantial value creation this sector offers shareholders,” Travia said in a statement.
“The rapidly rising cryptocurrency prices obviously bodes well for our crypto-treasury position, and the strengthening market also appears to have generated further investor interest in Coinsilium, which is understandable given that we have seen before, in the previous cycles of 2018 and 2021, quite a close correlation between cryptocurrency price movements and marked market capitalisation growth for the company.”
Travia added: “In our view, never before has the company been so well positioned, with our portfolio now reaching across multiple high-growth Web3 markets including, but not limited to infrastructure, AI, social media, finance and game technology sectors.
“With the financing in hand, and with the strong cryptocurrency markets prevailing, we are now in an extremely robust position to move the business forward at an important time and we will be communicating to the market as material developments occur.”