RE: Why do we need this extra cash ?11 Jan 2022 12:46
Looking back from Sept 2021
From the Prospectus P10, and RNS 06th Sept 2021 £1.40M
The Company believes that the net proceeds from the fundraising are sufficient to meet its current development plans for the Wise MPay technology and to make potential acquisitions during the working capital period. Any development plans or potential acquisition outside of the working capital period may require the Company to raise additional funding to be able to take advantage of these potential opportunities.
Purchase of Angra RNS 05th October 2021
The Company will conditionally acquire 100% of the issued share capital of Angra and, in addition, the Seller will assign his £100,000 loan to Angra to the Company for a nominal consideration.
Consideration for the Acquisition is £800,000 payable in cash upon completion.
RNS 19th November Placing, £1.0M
The funds raised from the Placing will be principally used to accelerate the implementation of the Group's strategy, in particular covering planned sales and marketing costs, and the costs of further development and implementation of the Wise MPay technology.
RNS 11th Jan 2022 Placing £1.33M
Total Raised by placings since Sept 21 is £3.73M , less awaited purchase cost of Angra for £0.80M once it concludes leaves £2.93M less costs of raising placings £ ???
Maybe we are nearer than we think in relation to the Angra purchase for £0.80M?? ,and need more funds to move matters along, who knows? just my opinion.
Tone Goh, Chairman of GST, commented : "I am pleased that we are able to announce this successful fundraising, again at a higher price than our previous raise, to provide further funds for our development. I look forward to providing further updates in due course, including in relation to the FCA approval of the Angra acquisition, as we seek to rapidly build a blockchain enabled neobanking business."
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