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Coinsilium Group Limited (NEX: COIN), the blockchain venture builder and investor that finances and manages the development of early-stage blockchain technology companies, is pleased to announce that it has acquired, via its wholly-owned subsidiary Seedcoin Limited (“Seedcoin”), a further 3.5% of the share capital of Indorse Pte. Ltd. (“Indorse”), a Singapore-based company developing a blockchain-powered decentralised social network for professionals. Coinsilium is acquiring the additional shareholding at the agreed price of SGD 175,000 (approximately GBP 97,000) as per the terms of the Option Agreement announced on 11 August 2017.
- Coinsilium acquires an additional 3.5% of the fully diluted share capital of Indorse for SGD 175,000
- Following the acquisition, Coinsilium will beneficially own 6.5% of the fully diluted share capital of Indorse
- As per the Option Agreement, the Company is entitled to acquire a further 3.5% of the fully diluted share capital of Indorse which would take its stake to up to 10%
- Coinsilium Chairman Malcolm Palle to be appointed as a Board Director of Indorse as a representative of Seedcoin. Indorse Co-founder Gaurang Torvekar will take the role of CEO and Co-founder David Moskowitz to move to the position of Director
The Indorse Platform will use new models of tokenization to allow users to profit from sharing their skills and validating the claims of others on the Platform. Indorse successfully completed its Token Sale in September 2017, with proceeds reaching 27,422.98 ETH, equivalent to circa US$34m at current ETH prices.
The Company also confirms that the Indorse Option Agreement has now been extended to 31 March 2018. Should the Company choose to fully exercise its option under the agreement, the Company would receive a further 3.5% equity position in Indorse for a further payment of SGD 175,000, taking its total position in Indorse to circa 10%.
Malcolm Palle, Chairman of Coinsilium, stated: “Indorse’s successful public beta launch with more than 2,600 sign ups on the platform since the July ‘proof-of-concept’ launch, has confirmed our trust in the capabilities of their development team led by Gaurang Torvekar.
Indorse is proving to be a perfect match for our strategy of building value for our shareholders through identifying compelling early stage investment propositions lead by highly talented teams. I look forward to joining the Board of Indorse and to working closely with the team at this exciting stage in their journey.”
Gaurang Torvekar, Co-founder of Indorse, stated: “We see Coinsilium’s increased equity stake in Indorse as a significant vote of confidence in our achievements to date, following our successful token sale, and trust in our capacity to rise to the challenge of competing with the largest social media platforms. We now have a solid team building the future generation of decentralised social networks and we feel the spike of interest in blockchain by the general public will accelerate Indorse’s market penetration. We are happy to welcome Coinsilium’s Chairman, Malcolm Palle, to our board and look forward to working with him as we take our company to the next level.”
The Directors of Coinsilium Group Limited take responsibility for this announcement.
For further information, please contact:
Malcolm Palle, Executive Chairman +44 (0) 7785 381089
Coinsilium Group Limited
Eddy Travia, CEO +44 (0) 20 3889 4312
Coinsilium Group Limited
Harry Chathli / Ana Ribeiro / Alexis Gore +44 (0) 207 618 9100
Luther Pendragon Ltd
Guy Miller / Mark Anwyl +44 (0) 207 469 0930
Peterhouse Corporate Finance Limited
(NEX Exchange Corporate Adviser)
Nick Emerson +44 (0) 1483 413 500
SI Capital Limited
Notes to Editor
Coinsilium is a blockchain venture builder and investor that finances and manages the development of early-stage blockchain technology companies. It does this through its consortium of top-tier investors, industry thought leaders and executive managers. Based in London, Coinsilium’s focus is on driving innovation in fintech and blockchain technologies, enabling businesses to take advantage of growth opportunities.
Coinsilium shares are traded on the NEX Exchange Growth Market, the primary market for unlisted securities operated by NEX Exchange, a Recognised Investment Exchange under the Financial Services and Markets Act 2000.
For further information about Coinsilium please visit http://www.coinsilium.com