LONDON (Alliance News) - Blue Star Capital PLC said Monday it has raised GBP700,000 in a placing in order to fund an investment in a blockchain company.
AIM-listed Blue Star said it placed approximately 466.7 million shares at 0.15 pence each.
Shares in Blue Star Capital were up 7.9% at 0.178 pence Monday.
Blue Star said the proceeds of the placing will be used to fund a EUR640,000 investment in UK-based SatoshiPay Ltd, a nanopayment software and blockchain company. The remainder will be used for general working capital.
Earlier on Monday, Blue Star said it has conditionally subscribed for 1,886 shares in SatoshiPay at EUR340 each, said the company. The subscription is part of a EUR1.0 million funding round, which if completed will result in Blue Star having an 11% interest in SatoshiPay, which will be valued at approximately EUR6.0 million in total.
"We are delighted to be investing in SatoshiPay at this exciting stage in its development. We believe the market opportunity for SatoshiPay is potentially vast and we look forward to working with SatoshiPay's management to help maximise this opportunity," said Tony Fabrizi, chief executive officer of Blue Star.
Also on Monday, fellow AIM company FastForward Innovations said it does not intend to participate in the latest funding round of SatoshiPay, in which it has an existing investment.
FastForward said it remains "supportive" of SatoshiPay but is not proposing to participate in the funding round. FastForward said based on the Blue Star proposal it will have an approximately 8.3% shareholding in SatoshiPay, valued at EUR500,140.
In February 2016, FastForward reported it holds a 10% interest in SatoshiPay.
Shares in FastForward Innovations were up 1.0% at 13.00p Monday.
By Adam Clark; email@example.com
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