360 Blockchain Inc (CSE:CODE), the emerging blockchain-focused group, has closed an oversubscribed financing, bringing in over C$4mln.
The firm issued over 40.9mln units at 10 cents a throw for gross proceeds of C$4,099,950, the group said.
Earlier this month the firm said it had increased the previously announced placing to raise C$3mln.
For working cap and potential investments..
The cash was said to be for working capital and potential business investments.
In the placing, each unit consisted of one share and one warrant, with each warrant entitling the holder to subscribe for one additional share for 15 cents for two years.
The firm retained the right to accelerate the expiry date if shares of the company trade at 30 cents or above for 10 trading days.
Earlier this year, 360 closed its previously announced acquisition of 60% of Silicon Valley-based SV CryptoLab.
It has the option to purchase the remaining 40% for US$75,000. The company paid US$250,000 and issued 5,000,000 shares.
During working hours, SV CryptoLab is a cutting-edge facility open to the public and blockchain and cryptocurrency enthusiasts are invited to attend weekly meets and hackathons free of charge.
Mining crypto..
But on nights and weekends, the facility’s hardware is dedicated to mining cryptocurrency, a computationally intensive process that sits at the heart of Bitcoin and other cryptocurrencies.
SV CryptoLab utilises a proprietary evaluation algorithm to determine the most attractive cloud-mining contracts.
360 Blockchain has said it will focus its activity on empowering blockchain technologies applying to cryptocurrencies, smart contracts, e-sports, data management, the Internet of things, equity trading and more.
Shared in CODE this morning in Toronto are up 3.7% to stand at C$0.14.