Coinsilium receives additional investment from IOV Labs as parties expand Asia joint venture worldwide
Coinsilium Group Limited (LON:COIN) (OTCQB: CINGF) said it has completed a follow-on investment agreement with IOV Labs Ltd, the parent company of smart contract platform RSK, while the two parties have also agreed to expand the geographical scope of the IOV Labs Asia joint venture (JV) from regional to worldwide.
The Aquis-listed blockchain, decentralised finance (DeFi) and crypto finance venture firm said IOV will invest £330,000 in Coinsilium by way of a private placement, subscribing for 11mln new shares at a price of 3p each, a 22% premium to its closing price on Thursday. A warrant will also be issued for every two subscription shares with an exercise price of 4.5p each.
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IOV Labs will have the right to appoint one director to the Coinsilium board, while the firm’s holding in the group will increase to 13.9%.
Meanwhile, Coinsilium said it has agreed with IOV to broaden the scope of the IOV Labs Asia JV to include “the pursuit of commercial opportunities globally, rather than being limited to the Asian markets alone”, which it said will allow the JV to make the best use of Coinsilium’s worldwide network of relationships and contacts.
IOV Labs Asia is expected to be operational during the first quarter of 2021, and subject to coronavirus travel restrictions, regional director Eddy Travia is expected to relocate to Singapore in advance in order to oversee the setting up of operations.
Coinsilium also said that following the strategic investment from IOV Labs and based on minimum projected revenue assumptions, it is fully funded for all its proposed ventures, activities and budgeted commitments through to at least January 2022.
The group also said the funds will be used towards joint initiatives between Coinsilium and IOV and to further the growth and development of the company.
Travia, who also serves as Coinsilium chief executive, said: “We welcome this timely follow-on investment from IOV Labs. Both IOV Labs and Coinsilium share big ambitions for the company and its potential to create the next generation of digital asset platforms as a Blockchain, DeFi and Crypto Finance venture operator. Since IOV Labs’ original investment in January this year, both parties have been working ever closer to ensure the alignment of our mutual interests ahead of Coinsilium’s forthcoming relaunch as a focused Blockchain, DeFi and Crypto Finance venture operator.”
“Having a partner and significant shareholder with the size and scale of IOV Labs provides Coinsilium with a solid foundation from which to launch a range of ambitious blockchain and crypto finance ventures, targeting the markets where we have identified the greatest potential. We also believe that the removal of territorial constraints with regards to our joint venture activities is a significant development and will open the way to even greater opportunities for our common endeavours. The timing of this follow-on investment and the expansion of the scope of the IOV Labs Asia JV is also particularly favourable, given the burgeoning growth and activity we are seeing in the sector, largely driven by the resurgent cryptocurrency markets which are now trading at levels surpassing those seen at the end of 2017”, Travia added.
Story by ProactiveInvestors
Source: https://www.proactiveinvestors.com/companies/news/935700/coinsilium-receives-additional-investment-from-iov-labs-as-parties-expand-asia-joint-venture-worldwide-935700.html
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