TIDMOBC
RNS Number : 0891J
Online Blockchain PLC
18 December 2020
18 December 2020
Online Blockchain PLC
("Online" or the "Company")
Issue of equity
Online Blockchain plc (LSE: OBC) announces that the Company has
today raised GBP0.4 million (before expenses) by way of a placing
of 1,818,181 new Ordinary Shares ("Placing Shares") through Monecor
(London) Limited trading as ETX Capital ("Monecor") at a placing
price of 22p per share (the "Placing Price") (the "Placing"). In
completing the Placing, the Board has utilised the share
authorities approved by shareholders at the last Annual General
Meeting.
The proceeds of the Placing will be used to fund the continuing
development and the upcoming launches by Online of its existing
crypto and blockchain-based products (which as previously reported
are in the early stages of development) and to consider new
opportunities in the cryptocurrency, blockchain and decentralised
finance (Defi) space and for general working capital purposes.
Placing Agreement
The Company has entered into a placing agreement dated 17
December 2020 (the "Placing Agreement") with Monecor, pursuant to
which Monecor, as agent for the Company, has procured placees for
the Placing Shares at the Placing Price. The obligations of Monecor
under the Placing Agreement are conditional, inter alia, upon
admission of the Placing Shares having occurred by 8.00 a.m. on 24
December 2020 (or such later time and/or date as may be agreed,
being no later than 8.00 a.m. on 22 January 2021), and there being
no material breach of the warranties given to prior to admission of
the Placing Shares.
Monecor may terminate the Placing Agreement in specified
circumstances (including for breach of warranty at any time prior
to admission of the Placing Shares, if such breach is reasonably
considered by Monecor to be material in the context of the Placing)
and in the event of a force majeure event occurring at any time
prior to admission of the Placing Shares.
Clem Chambers CEO has commented, "We are very pleased to have
received support at a time when there is renewed interest in
Blockchain. Freefaucet.io ( www.freefaucet.io ) continues to make
progress, and now has 110,858 registered users and continues to
grow with a current average of just over 1,000 new registrations
per week. We are at early stages of developing a crypto protocol
and, as well as our other projects, the company continues to focus
on developing new projects in the decentralised finance (DeFi)
area, which the Directors believe is the next phase of development
of Blockchain. We look forward to updating Shareholders on our
developments in due course".
Warrants
The Company will issue participants in the Placing, one warrant
for every two Placing Share (the "Warrants"). As a result, 909,090
Warrants will be issued to placees pursuant to the Placing.
Each Warrant will provide the holder the right to one new
Ordinary Share on its exercise. The Warrants will be exercisable at
a price of 32p for a two-year period from the date of admission of
the Placing Shares. If exercised in full, the Warrants would result
in the issue of a further 909,090 new Ordinary Shares.
In conjunction with the Placing, the Company has agreed to issue
Monecor 100,000 warrants, and Beaumont Cornish 50,000 warrants,
exercisable in whole or in part at 22p per new Ordinary Share
within 2 years of being issued.
Admission to AIM
Application will be made for admission of the Placing Shares,
amounting to 1,818,181 new Ordinary Shares, to trading on AIM
("Admission") on or around 24 December 2020. The Placing Shares
will rank pari passu in all respects with the Company's existing
issued ordinary shares.
Total Voting Rights
On Admission of the New Shares, the Company will have 10,480,529
Ordinary Shares in issue with voting rights. Online Blockchain Plc
does not currently hold any shares in treasury. Accordingly, this
figure of 10,480,529 Ordinary Shares may be used by shareholders in
the Company as the denominator for the calculations by which they
will determine if they are required to notify their interest in, or
a change in their interest in, the share capital of the Company
under the FCA's Disclosure Guidance and Transparency Rules.
Broker Appointment
The Company has appointed Monecor (London) Limited as joint
broker to the Company with immediate effect.
The information contained within this announcement is deemed to
constitute inside information as stipulated under the Market Abuse
Regulations (EU) No. 596/2014. The person who arranged for the
release of this announcement on behalf of the Company was Clement
Chambers, Director.
Enquiries:
For further information please contact:
Online Blockchain PLC
Clement Chambers +44 20 3868 6702
Beaumont Cornish Limited (Nominated Adviser)
www.beaumontcornish.com +44 (0) 207 628 3396
Roland Cornish/Michael Cornish
Throgmorton Street Capital (Joint Broker) +44 (0)203 0112 309
Monecor (London) Ltd (Joint Broker)
E lliot Hance +44 (0)207 392 1436
Cassiopeia Ltd (Investor Relations) stefania@cassiopeia-ltd.com
Stefania Barbaglio
About Online Blockchain plc (LSE: OBC)
Online Blockchain ( www.onlineblockchain.io ) is a UK-based
incubator and developer of businesses in internet and
information-based technologies, including developers,
administrators and custodians of blockchains and cryptocurrencies.
The Company created ADVFN www.advfn.com and has a holding of 17.98%
in ADVFN plc.
Online Blockchain plc continues to consider new related
opportunities and particularly crypto currencies and
blockchain-based opportunities including incubating cryptocurrency
start-ups and developing technical innovation in the blockchain
space.
Glossary
"blockchain" is a distributed public digital ledger in which
transactions are recorded chronologically
"cryptocurrency" is a digital currency in which encryption
techniques are used to regulate the generation of units of currency
and verify the transfer of funds, operating independently of any
central bank
Forward Looking Statements:
Certain statements in this announcement are or may be deemed to
be forward looking statements. Forward looking statements are
identi ed by their use of terms and phrases such as "believe"
"could" "should" "envisage" "estimate" "intend" "may" "plan" "will"
or the negative of those variations or comparable expressions
including references to assumptions. These forward-looking
statements are not based on historical facts but rather on the
Directors' current expectations and assumptions regarding the
Company's future growth results of operations performance future
capital and other expenditures (including the amount. nature and
sources of funding thereof) competitive advantages business
prospects and opportunities. Such forward looking statements re ect
the Directors' current beliefs and assumptions and are based on
information currently available to the Directors. Many factors
could cause actual results to differ materially from the results
discussed in the forward-looking statements including risks
associated with vulnerability to general economic and business
conditions competition environmental and other regulatory changes
actions by governmental authorities the availability of capital
markets reliance on key personnel uninsured and underinsured losses
and other factors many of which are beyond the control of the
Company. Although any forward-looking statements contained in this
announcement are based upon what the Directors believe to be
reasonable assumptions. The Company cannot assure investors that
actual results will be consistent with such forward looking
statements.
Note:
Beaumont Cornish Limited ("Beaumont Cornish"), which is
authorised and regulated in the United Kingdom by the FCA, is
acting as Nominated Adviser ("Nomad") to the Company in connection
with the matters set out in this announcement and will not be
acting for any other person or otherwise be responsible to any
person for providing the protections afforded to clients of
Beaumont Cornish or for advising any other person in respect of the
matters set out in this announcement or any transaction, matter or
arrangement referred to in this announcement. Beaumont Cornish's
responsibilities as the Company's Nomad are owed solely to London
Stock Exchange and are not owed to the Company or to any Director
or to any other person in respect of his or her decision to acquire
any shares in the Company.
ENDS
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END
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