6th Feb 2019 10:30
LONDON (Alliance News) - Blue Star Capital PLC on Wednesday said its investee StatoshiPay Ltd has completed a private fundraise, raising GBP830,000 at a valuation of GBP15.0 million.
The stock was trading 18% higher on Wednesday at 0.18 pence a share.
At the beginning of December, the investment company had subscribed for EUR200,000 of convertible loan notes issued by payments firm SatoshiPay.
Under the terms, Blue Star said it is able to convert the loan at a 15% discount to the valuation of SatoshiPay at its most recent fundraising round.
Blue Star on Wednesday said it has now elected to convert the notes into a further 249 shares in SatoshiPay. Following the conversion, and following the completion of the fundraise, Blue Star will hold a total of 5,739 shares in SatoshiPay, representing 29.4% of its issued share capital.
At a valuation of GBP15.8 million post money, the company's shareholding in SatoshiPay is valued at GBP4.7 million.
"We are pleased to exercise our conversion rights on the CLN and to maintain our shareholding at around 30%," said Blue Star Chief Executive Tony Fabrizi.
"The SatoshiPay private fundraise has secured support from experienced blockchain and fintech investors," added Fabrizi.
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