Coinsilium Group Ltd (AQSE:COIN, OTCQB:CINGF) has agreed to its subsidiary investing in Greengage Global Holding Ltd which is working on regulatory compliant decentralised Finance (De-Fi) ventures.
The Seedcoin business is to buy 15,000 A shares in Greengage worth £300,000 and some £200,000 of loan notes.
Seedcoin and Greengage meanwhile intend to enter into a strategic partnership agreement to jointly develop De-Fi solutions. It was noted that a more detailed breakdown of the tie-up will be provided as the main transaction is completed.
“Coinsilium intends to proceed as quickly as possible with the transaction. Greengage and each selling shareholder will negotiate in good faith with a view to completing the transaction in an expedient manner,” the company said in a statement.
The loan notes carry an interest coupon of 5% per year and can be converted into A Shares, under certain conditions.
Coinsilium noted that the A shares are expected to be converted into ordinary shares in the event of Greengage obtaining a stock market listing.
Earlier this month, Greengage secured a £2.5mln investment from Gibraltar-based IOV labs Limited which was described as the company’s first institutional shareholder