Coinsilium Group Limited (COIN) Coinsilium Group Limited:
Conversion of Greengage Loan Note and Subscription for New Shares
15-Jun-2023 / 08:12 GMT/BST
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COINSILIUM GROUP LIMITED
("Coinsilium" or the "Company")
Coinsilium Group Limited: Conversion of Greengage Loan Note and
Subscription for New Shares
London, UK, 15 June 2023 - Coinsilium Group Limited (AQSE: COIN)
(OTCQB: CINGF), the Web3 investor, advisor, and venture builder is
pleased to report the conversion of the principal and interest of
the GBP200,000 convertible loan note (the "Loan Note") made to
UK-registered portfolio company Greengage Global Holding Ltd
("Greengage") in September 2021 by Coinsilium, via its wholly owned
Gibraltar registered subsidiary, Seedcoin Limited ("Seedcoin"). In
addition, Coinsilium is pleased to report that it has also
participated in Greengage's latest funding round with a follow-on
investment by Seedcoin of GBP25,000.
Highlights:
-- Greengage successfully raised GBP1m, the first tranche of its
GBP5m fundraise, at a GBP30m valuation.
-- Coinsilium to receive 11,094 Greengage A ordinary shares and
7,510 warrants after conversion of principaland interest of the
GBP200,000 loan notes.
-- Loan notes convert at 20% discount to current GBP30m
valuation.
-- Coinsilium further supports Greengage's latest funding round
with GBP25,000 follow on investment,Coinsilium to receive 1,039
Greengage A Shares and 860 warrants.
-- Coinsilium's total shareholdings in Greengage increases to
27,133 A Shares as at the date of thisannouncement, and based on
the current fundraising values the Company's stake at
GBP652,550.
-- The total number of Greengage warrants held by Coinsilium,
including the loan conversion warrants and theequity warrants is
8,370.
Malcolm Palle, Executive Chairman of Coinsilium, commented:
"We are delighted to see the solid progress Greengage continues
to make since our early investment in 2021, despite the most
challenging market conditions. We are also pleased to be able to
further support this current funding round which comes in at a
valuation 9.9% higher than Coinsilium's initial entry point and
thereby significantly de-risks our investment.
With the recent launch of their e-money account services, we are
pleased to see Sean and his dedicated team continuing to hit their
milestones and delivering on their strategy for rolling out their
much in demand payment solutions to the burgeoning global Digital
Asset industry. And with this first tranche of funding in place,
Greengage can now focus on their mission of scaling up and building
value in the business."
Sean Kiernan, Chief Executive of Greengage commented:
"It's an honour to work with Coinsilium as we scale our
business, with Greengage recently having launched "crypto friendly"
e-money accounts in GBP and EUR for corporates and high net worth
individuals. Coinsilium's insights into developments around Web3
and AI, and corresponding deep networks, have proven very useful
for Greengage and we are excited to continue to grow together."
Background
On 20 August 2021, Coinsilium announced that it had signed a
letter of intent with Greengage to enable Seedcoin to (i) purchase
up to 15,000 A Shares in the capital of Greengage, from existing
Greengage shareholders, at a price of GBP20 per share for a total
of GBP300,000 that valued Greengage at GBP27.3m and (ii) subscribe
for up to GBP200,000 of convertible loan notes (the "Loan Notes")
(the "Transaction"). On 8 September 2021, Coinsilium announced that
the Transaction had completed.
Conversion of Loan Note
With the conversion of the principal and interest of the
GBP200,000 convertible loan notes, Coinsilium will receive a total
of 11,094 Greengage A ordinary shares (the "A Shares"), being
10,395 A Shares from the conversion of the principal and 699 A
Shares from the conversion of the interest accrued over the period
(GBP16,821.92) at 5% per annum. In accordance with the terms of the
Loan Notes instrument of 30 June 2021, the conversion price for the
principal amount is GBP19.24 per share, calculated on the basis of
a 20% discount on the full price of GBP24.05 per share.
Based on the 11,094 A Shares resulting from this conversion,
Coinsilium will receive 7,510 warrants to subscribe to Greengage
shares at an exercise price of GBP28.87, per share at a valuation
of GBP36m valid for two years.
Subscription to New Greengage Shares
Greengage recently announced that it has successfully raised
GBP1m, the first tranche of its GBP5m fundraise, at a GBP30m
valuation.
Coinsilium is also pleased to report that it has supported
Greengage's latest funding round with a GBP25,000 follow on
investment for 1,039 A Shares bringing its total shareholdings to
27,133 A Shares in Greengage. From this investment, Coinsilium will
receive 860 warrants to subscribe to Greengage shares at an
exercise price is GBP28.87, at a valuation of GBP36m valid for two
years.
The total number of Greengage warrants held by Coinsilium
following the above loan conversion and follow-on investment is
8,370.
The current funding round values Greengage at GBP30m or a price
per share of GBP24.05. Compounded with the terms of the Loan Notes,
which convert at a discount of 20% to the share price at the time
of conversion, and the accrual of interest on the principal loan
amount, at the rate of 5% per annum, this latest valuation results
in a 25.51% increase in the value of Coinsilium's initial stake in
Greengage. Coinsilium's initial investment in Greengage, of
GBP500,000 in September 2021 is now worth GBP627,560.70.
The Directors of Coinsilium Group Limited take responsibility
for this announcement.
Coinsilium Group Limited +350 2000 8223
Malcolm Palle, Executive Chairman +44 (0) 7785 381 089
Eddy Travia, Chief Executive www.coinsilium.com
Peterhouse Capital Limited
Guy Miller / Mark Anwyl +44 (0) 207 469 0930
(AQSE Growth Market Corporate Adviser)
SI Capital Limited
Nick Emerson +44 (0) 1483 413 500
(Broker)
Notes to Editor
About Coinsilium
Coinsilium is a focused Web3 Investor, Advisor and Venture
Builder based in Gibraltar, a pre-eminent global regulatory
jurisdiction, and a leading hub for innovative financial
technology. In 2015, Coinsilium became the first blockchain company
to IPO. The Company has evolved to develop revenue-generating
strategic advisory services and is a highly regarded innovator with
proven technological and commercial expertise and development
capabilities in the Web3 arena and within Open Finance.
Coinsilium has developed an array of commercial partnerships and
joint ventures around the world to support its development
capabilities, giving it access to best-in-class tech experts, a
strong network, and asserting its profound industry profile. It has
also partnered with blockchain technology experts Indorse to create
Nifty Labs, a Web3 and Non-Fungible Token ('NFT') technology
development studio in Gibraltar.
Coinsilium shares are traded on the AQSE Growth Market in
London, under the ticker symbol "COIN", and on the OTCQB Venture
Market in the United States under the ticker symbol "CINGF".
About Greengage
Greengage is a digital merchant banking pioneer which provides a
platform of relationship-based e-money account services to SMEs,
high net worth individuals, and digital asset firms to the highest
ethical, secure and compliance standards. Alongside our account
services, we provide clients access to a B2B lending platform
offering digital sources of money, as well as a suite of business
apps. Our tailored services are delivered by people, empowered by
technology. *E-money solutions are provided as an agent of Modulr
FS Limited, Greengage is not regulated by the Financial Conduct
Authority. The Financial Ombudsman Service or the Financial
Services Compensation Scheme (FSCS) do not apply to the cryptoasset
activities carried on by Greengage. For more information please
visit our website: www.greengage.co.
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Dissemination of a Regulatory Announcement that contains inside
information in accordance with the Market Abuse Regulation (MAR),
transmitted by EQS Group. The issuer is solely responsible for the
content of this announcement.
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ISIN: VGG225641015
Category Code: MSCM
TIDM: COIN
Sequence No.: 250973
EQS News ID: 1657575
End of Announcement EQS News Service
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(END) Dow Jones Newswires
June 15, 2023 03:12 ET (07:12 GMT)
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