16th Jan 2017 08:35
LONDON (Alliance News) - Blue Star Capital PLC said Monday it will launch a share placing to fund its investment in a blockchain payment company.
AIM-listed Blue Star said it is aiming to raise gross proceeds of up to GBP700,000 through the issue of approximately 466.7 million shares at 0.15 pence each.
Shares in Blue Star Capital were up 1.8% at 0.168p Monday morning, giving it a market capitalisation of GBP883,091.
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.
Blue Star 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.
By Adam Clark; [email protected]
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