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Coinsilium investee company RSK Labs to be acquired by RIF Labs

The firm said RSK, in which it holds 65,000 shares, would be acquired by RIF in a ‘share for token’ swap, through which Coinsilium would receive around 1.9mln RIF tokens

Tokens
The 1.9mln RIF tokens are worth around 139 Bitcoins, or US$773,070

Coinsilium Group Limited (AQSE:COIN) said its investee company, RSK Labs, is to be acquired by Gibraltar-based RIF Labs.

The blockchain investment and advisory firm said RSK, in which it holds 65,000 shares, would be acquired by RIF in a ‘share for token’ swap, through which Coinsilium would receive around 1.9mln RIF tokens.

READ: Coinsilium inks advisory partnership with letter of credit firm LC LITE

The 1.9mln RIF tokens are worth around 139 Bitcoins, or US$773,070 as of 18 November exchange rates, with Coinsilium having the option of receiving 15% of the total tokens in cash or Bitcoin.

Coinsilium originally invested US$50,000 in RSK in January 2016, before exercising rights for 50,000 shares and then purchasing another 15,000 shares for US$33,750 in February 2018.

RIF is an organisation led by RSK’s founding team and is developing an infrastructure known as the RSK Infrastructure Open Standard Protocols, a publicly available process that will use RSK’s ‘Smart Contract Network’, as a decentralised method of settlement, identity management, and economic coordination.

Coinsilium added that its executive chairman, Malcolm Palle, had joined the board of RIF, while its chief executive Eddy Travia had been appointed as an advisor to RIF.

In early trading Monday, Coinsilium shares were at 5.2p in the NEX exchange.

Quick facts: Coinsilium Group Limited

Price: 8.44 GBX

AQSE:COIN
Market: AQSE
Market Cap: -
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