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Coinsilium raises around £367,000 to fund “high impact initiatives”

The blockchain venture investment and the advisory group said it had issued around 9.1mln new shares at a price of 4p each, a 23% premium to its last close price on December 11

Crypto and money
Each new share carries a warrant to subscribe for one further new ordinary share at a price of 7.5p

Coinsilium Group Limited (NEX:COIN) has raised £367,125 through the issue of new shares to finance “a number of high impact initiatives” as well as the strategic advancement of the firm.

The blockchain venture investment and the advisory group said it had issued around 9.1mln new shares at a price of 4p each, a 23% premium to its last close price on 11 December.

WATCH: Coinsilium sees big opportunities as investee company RSK Labs is acquired

Each new share also carries a warrant to subscribe for one further new ordinary share at a price of 7.5p with a 2-year expiration.

The warrant also carried a provision whereby if the ordinary shares of the firm close at a volume-weighted average share bid price exceeding 15p for 5 consecutive trading days, the company will have the right to require the immediate warrant conversion at the 7.5p price.

Malcolm Palle, executive chairman of Coinsilium, said that while a “challenging “ blockchain landscape throughout the year had impacted the market value of the company, the firm was now “presented with some interesting strategic opportunities on markedly improved terms”.

"Whilst we still see significant upside in our business from existing and new opportunities, we also recognise the need to employ a degree of caution when committing working capital. The funds raised will, therefore, be effectively deployed to maintain Coinsilium's rapid growth trajectory”.

Palle added that the firm would be providing the market with “a comprehensive strategic business update early in the new year”.

Quick facts: Coinsilium Group Limited

Price: 2.75 GBX

NEX:COIN
Market: NEX
Market Cap: 0
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