Coinsilium completes fundraising to accelerate growth trajectory

Coinsilium Group Limited (LON:COIN) said it has raised around £1.15mln to accelerate its growth trajectory through strategic investments.

The blockchain and open finance venture firm said it raised the funds through a placing and subscription of 15.4mln new shares at a price of 7.5p each, a 3.4% premium to its closing price on Monday.

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The shares were subscribed and placed with new and existing shareholders, while each share also came with a warrant to subscribe for a further new share at an exercise price of 15p which is valid for two years.

Coinsilium said the funds will be used primarily for strategic investments, particularly in the non-fungible token (NFT) and open finance sectors, to accelerate growth.

“We are delighted to have successfully completed this placing, which is particularly significant given the challenging market conditions we have seen in recent weeks. We are also grateful for the continued support of our existing shareholders and are pleased to welcome new shareholders to our register”, Coinsilium chief executive Eddy Travia said in a statement.

“Prior to the Placing, Coinsilium was sufficiently funded for current activities until January 2022.  Accordingly, these new funds will provide Coinsilium with the firepower to accelerate its growth trajectory by being flexible and opportunistic when presented with new strategic opportunities in the digital marketplace. We look forward to updating the market on some of the exciting new initiatives we have planned over the coming weeks and months”, he added.

In late-morning trading on the Aquis Exchange on Tuesday, Coinsilium shares were changing hands at around 7p.

Story by ProactiveInvestors