Back to all announcements

DJ Coinsilium Group Limited Investee Company Update

 
TIDMCOIN 
 
11 August 2017 
 
                           COINSILIUM GROUP LIMITED 
                        ("Coinsilium" or the "Company") 
 
                           INVESTEE COMPANY UPDATE: 
 
              Indorse Public Token Sale Launch and Grant of Option 
 
Coinsilium Group Limited (NEX: COIN), the accelerator that finances and manages 
the development of early-stage blockchain technology companies, is pleased to 
provide the following update regarding Indorse Pte. Ltd. ("Indorse") and to 
announce that the Company has been granted an option to subscribe for an 
additional 7% of the fully diluted share capital of Indorse ("Option 
Agreement"). Indorse is a Singapore-based company developing a 
blockchain-powered decentralised network for professionals. 
 
Highlights 
 
  * Indorse successfully closes its blockchain token pre-sale with proceeds 
    reaching 18,396.21 ETH (equivalent to circa USD$5.37million) in 3 days 
  * Team doubled from 4 to 8 between May 2017 and July 2017 and now includes 4 
    technology developers 
  * Indorse's token sale will remain open to the public until 7 September 2017 
 
  * Coinsilium granted an option to subscribe up to SG$350,000 worth of Indorse 
    shares and the right to a seat on the Board of Directors 
 
The Company is pleased to announce that it has entered into an Option Agreement 
to subscribe to 7% of the fully diluted share capital of Indorse for a total of 
SGD350,000. The Option Agreement is valid for a 3 month term and if fully 
exercised,  the Company would  have the right to appoint an individual to the 
board of Indorse. 
 
Separately, on 8 June 2017, the Company announced an investment of SGD100,000 
(circa GBP56,100) in Indorse through a convertible loan agreement and received an 
undisclosed number of Indorse digital tokens as part of this agreement 
("Convertible Loan Agreement"). Should the Company choose to fully exercise the 
Option Agreement and fully covert the Convertible Loan Agreement, the Company's 
equity position in Indorse would be circa 10%. 
 
A promotional video from Indorse can be viewed via the link below: 
 
https://youtu.be/peZOjxQhWL4 
 
Eddy Travia, CEO of Coinsilium, commented: "The successful token pre-sale 
provides a tremendous vote of confidence for Indorse and confirms our belief in 
the team's ambitious vision for building a global blockchain-powered 
decentralised platform for professionals. 
 
"We are confident that the significant level of the proceeds from the pre-sale 
and the ongoing public token sale will provide the financial resources for the 
team to accelerate its path towards achieving its objectives. 
 
"We are also very pleased to have been granted this additional option under 
terms which will allow us to increase our equity stake in Indorse's capital at 
a pre-agreed, conservative valuation. 
 
"Following on from the successful exit from our investment in SatoshiPay, 
achieving a valuation uplift of 363% in under two years, it is important that 
we demonstrate our ability to identify the next opportunities for our portfolio 
with the potential to replicate and build on this impressive performance. 
 
"We believe that Indorse represents such an opportunity and its model for using 
blockchain and smart contract technology to reward user activity introduces a 
disruptive new paradigm into the multi-billion-dollar social network industry". 
 
The Directors of Coinsilium Group Limited take responsibility for this 
announcement. 
 
                                    -ENDS- 
 
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 
 
www.coinsilium.com 
 
Harry Chathli / Ana Ribeiro / Alexis Gore         +44 (0) 207 618 9100 
 
Luther Pendragon Ltd 
 
(Media Relations) 
 
 
Guy Miller / Mark Anwyl                  +44 (0) 207 469 0930 
Peterhouse Corporate Finance Limited 
(NEX Exchange Corporate Adviser) 
 
Nick Emerson / Andy Thacker            +44 (0) 1483 413 500 
SI Capital Limited 
(Broker) 
 
 
Notes to Editor 
 
About Coinsilium 
 
Coinsilium is an accelerator 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 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 
 
For further information about Indorse please visit http://www.indorse.io 
 
 
 
END 
 

(END) Dow Jones Newswires

August 11, 2017 02:00 ET (06:00 GMT)