14th May 2025 18:19
(Alliance News) - Vinanz Ltd on Wednesday said it has entered an investment agreement with a "global investment manager" for up to USD4 million bridge funding over two tranches.
The British Virgin Islands-domiciled bitcoin mining company said the first tranche is being used to help it grow its Bitcoin assets before a potential Nasdaq dual listing.
It said the second tranche may be drawn down in future, subject to the satisfaction of certain conditions.
"The first USD2m of this institutional bridge funding has been banked and Vinanz is working to deploy these funds into bitcoin assets in the near term and further updates will be provided shortly on the deployment," said Chair David Lenigas.
"We are appreciative of our US banker's efforts in securing this bridge funding. In this exciting era of bitcoin's growing credibility as a viable global financial instrument and store of wealth - time is money and time is short - so Vinanz is looking at all avenues to access growth capital and this bridge funding comes at just the right time for us," Lenigas added.
Under the agreement, Vinanz will repay each amount, plus 5% annual interest, 12 months after the drawdown date.
Shares in Vinanz closed up 10% to 15.12 pence in London on Wednesday.
By Michael Hennessey, Alliance News reporter
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