Hamak Gold Limited (LSE:HAMA) shares surged over 40% higher on Friday morning after the gold explorer appointed noted US economist Arthur B. Laffer as the founder member of a new advisory board.
The advisory board has been created to support its expansion into data security, decentralised technologies and digital assets, with the company announcing earlier this month that it was embarking on a bitcoin treasury management policy alongside its existing gold exploration.
Known for his work on US fiscal policy, Laffer served as an advisor to President Ronald Reagan and Donald Trump.
Laffer said: "I am extremely excited by the direction Hamak Gold is heading, and I'm proud to have been invited to join the company's first-rate team and to be actively involved in helping facilitate Hamak's growth in any way that I can."
Chairman Nick Thurlow added: "We are thrilled to welcome Dr Laffer as the founding member of Hamak's advisory board. As a world-renowned economist, he brings a vast array of experience to the role and will be a valuable sounding board as we develop our treasury strategy moving forward."
The company, which is one of more than a dozen small and micro-cap companies in London to have adopted bitcoin treasury strategies in the past couple of months, plans for the advisory board to appoint at least two more members.
Earlier this month, Hamak raised £2.47 million through a placing and subscription at 0.8p per share to support its new bitcoin treasury management strategy and existing gold exploration activities.
Thurlow was one of two new directors appointed to the board, bringing connections to Middle Eastern investors and experience in financial strategy.
He most recently worked in Dubai as finance chief for MBS, the investment arm of Shiekh Nayef Bin Eid Al Thani of the Qatari royal family.
On Friday morning, the shares climbed to 2.2p, up from yesterday's close at 1.5p.