30 October 2023
Quantum
Blockchain Technologies Plc
(“QBT” or
“the Company”)
Placing
to Raise £2,000,000
The board
of Quantum Blockchain Technologies Plc (AIM: QBT) is pleased to
announce that it has today raised £2,000,000 (before expenses)
through the placing of 133,333,333 new ordinary shares of
0.25 pence each in the Company
(“Placing Shares”) at a price of 1.5
pence per Placing Share (the “Placing”).
The net
proceeds of the Placing will be used by the Company to further
invest in its Research and Development (“R&D”) programme,
principally through the expansion of the R&D team, the purchase
of additional hardware and an increase in software development.
Funds will also be allocated towards the Company’s ongoing legal
claims in respect of their legacy investments and provide general
working capital.
Francesco Gardin, Executive
Chairman and CEO of QBT, commented:
“We are extremely pleased to have completed this £2 million
fundraise, as we believe it will fund the Company through to
revenue.
“The Placing provides QBT with the opportunity to set up its
cloud service infrastructure, most likely in North America, to enable the deployment of
Method A and Method B as a SaaS product for the bitcoin mining
market. We predict revenue will be generated either by charging
subscription fees for each mining rig served, or by sharing the
extra mined bitcoins, as a result of the miner using QBT’s
technology, or a combination of the two.
“We therefore believe that this opportunity significantly
outweighs any short-term effect caused by the additional
shareholder dilution.”
Admission
& Total Voting Rights
Application
has been made for the 133,333,333 Placing Shares to be admitted to
trading on AIM with admission expected to occur on or around
2 November 2023 (“Admission”). The
Placing Shares will rank pari passu with the Company’s existing
ordinary shares.
Following
Admission of the Placing Shares, the Company’s enlarged issued
share capital will comprise 1,291,313,755 ordinary shares of
0.25 pence each. This figure may be
used by shareholders as the denominator for the calculations by
which they will determine if they are required to notify their
interest in, or a change in their interest in, the share capital of
the Company under the FCA’s Disclosure and Transparency
Rules.
This
announcement contains inside information for the purposes of
Article 7 of the Market Abuse Regulation (EU) 596/2014 as it forms
part of UK domestic law by virtue of the European Union
(Withdrawal) Act 2018 ("MAR"), and is disclosed in accordance with
the Company's obligations under Article 17 of MAR.
-ends-
For further information please contact:
Quantum Blockchain Technologies
Plc +39
335 296573
Francesco Gardin, CEO and Executive
Chairman
SP Angel Corporate Finance (Nominated
Adviser & Broker) +44
(0) 20 3470 0470
Jeff Keating, Kasia Brzozowska
Leander (Financial
PR) +44
(0) 7795 168 157
Christian
Taylor-Wilkinson
About Quantum Blockchain Technologies
Plc
QBT (AIM: QBT) is a London Stock Exchange AIM listed Research &
Development and investing company focused on an intensive R&D
programme to disrupt the Blockchain Technologies sector, and which
includes, cryptocurrency mining and other advanced blockchain
applications. The primary goal of the R&D programme is to
develop Bitcoin mining tools and techniques, via its
technology-driven approach, which the Company believes will
significantly outperform existing market practices.