COINSILIUM GROUP
LIMITED
("Coinsilium" or the
"Company")
Coinsilium Group Limited: Indorse
and Byzant Update
London, UK, 29 January 2024
- Coinsilium Group Limited (AQSE: COIN) (OTCQB: CINGF), the
Web3 investor, advisor and venture builder hereby provides an
update in respect of its investee company Singapore registered
Indorse Pte. Ltd (“Indorse”) and collaboration with Indorse on the
Byzant Web3 Social Network Ecosystem (“Byzant”).
Coinsilium currently holds 1,433 shares or 10.156% of the
current share capital of Indorse.
On 28 November 2023, Coinsilium announced it had entered
Heads of Terms (“HoT”) with Indorse to acquire a further 2,773
shares of Indorse for 65m new Coinsilium shares at 3p per share
representing a consideration of
GBP£1.95m. The Heads of Terms with
Indorse are non-binding with no penalties or liabilities applying
for either party for the discontinuation of these
negotiations.
Coinsilium and Indorse have agreed to not proceed with the
negotiations at this time, given the complexity of the proposed
share acquisition transaction and the time required to complete the
neccesary due diligence work. Both Coinsilium and Indorse will now
focus on their collaboration towards the successful development and
launch of the Byzant Ecosystem and its applications, as referred to
in the Company’s announcement on 1 December 2023 a link to which is
below.
https://irpages2.eqs.com/websites/coinsilium/English/21/news-tool---rns---eqs-group.html?newsID=2653433&iframe=true
The work in respect of this collaboration has accelerated and
is entering a particularly active period with the forthcoming
Testnet version currently slated for this quarter, by the end of
March 2024. A Testnet application is deployed on the test network
of a blockchain for testing and experimentation where transactions
are settled with ‘test tokens’ therefore without any financial risk
for its users. The Testnet instance is a significant milestone as
it is the first step towards the Mainnet version which is the first
live instance of an application for public use and tangible
transactions.
Coinsilium and Indorse remain of the view that a corporate
level transaction remains attractive to both companies and the
intention is to revisit this once Byzant is more advanced and with
less operational pressure on both companies in this
regard.
Eddy Travia,
Chief Executive of Coinsilium, commented: “Given the highly intense activity of the past
few months which we expect to continue over the course of the year,
we believe we are making the right decision in choosing to dedicate
our time and energy to pursue our collaboration with Indorse with
regards to the Byzant Web3 Ecosystem.
We see a growing interest in the
benefits of decentralised social networks and the Web3 applications
enabling these networks, and the talented team at Indorse has the
perfect technical skills to propel Byzant to a leading position in
this emerging space.
We expect to announce significant
additional information in respect of the Byzant collaboration over
the
coming weeks and months that we
believe will demonstrate the importance of this project for
Coinsilium and its shareholders.”
Gaurang Torvekar,
Chief Technology Officer at Indorse, commented: “We are very pleased with the progress we are
making on the development of the Byzant Web3 Ecosystem and with our
collaboration with Coinsilium. Our priority now will be to focus
our efforts on Byzant and its Web3 applications, in readiness for
the forthcoming Testnet launch. We look forward to continuing our working
relationship with Coinsilium and announcing further updates on the
advancement of the Byzant ecosystem and its
applications.”
The Directors of Coinsilium Group Limited
take responsibility for this announcement.
Coinsilium Group Limited
Malcolm Palle, Executive
Chairman
Eddy Travia, Chief Executive
|
+350 2000 8223
+44 (0) 7785 381 089
www.coinsilium.com
|
|
|
Peterhouse Capital Limited
Guy Miller / Mark Anwyl
(AQUIS Growth Market Corporate Adviser and Corporate
Broker)
|
+44 (0) 207 469 0930
|
|
|
SI Capital Limited
Nick Emerson
(Broker)
|
+44 (0) 1483 413 500
|
Notes to Editor
About Coinsilium
Coinsilium is an
investor, advisor and venture builder at the forefront of Web3
convergence. The Company invests in and accelerates Web3 and AI
powered technology start-ups whilst supporting their development
and commercialisation. Coinsilium also provi4.25des strategic
advisory services to start-ups looking to issue tokens through
token generation events. Coinsilium’s wholly owned subsidiary
Coinsilium (Gibraltar) Limited is the Company’s operational hub in
Gibraltar.
In 2015,
Coinsilium became the first blockchain company to IPO. Coinsilium
shares are traded on the Aquis Growth Market in London, under the
ticker symbol "COIN", and on the OTCQB Venture Market in the United
States under the ticker symbol "CINGF".