Following last month’s announcement to exit its investment in blockchain-based nanopayments company SatoshiPay, Coinsilium Group Limited today announced that the sale of interest is now complete.
According to the terms of the agreement stated earlier, Coinsilium agreed to sell its entire holding of 2,133 shares in investee company SatoshiPay Ltd to Blue Star Capital at the price of €340 per share for a total consideration in cash of €725,220. Coinsilium today announced:
“All the terms of the Purchase and Sale Agreement (‘PSA’) have been met and the sale of the Company’s shareholding in SatoshiPay has now been completed.”
Under the terms of the PSA, Coinsilium will also receive 85 million warrants over new Ordinary Shares of Blue Star, of which 42.5 million are exercisable at a price of 0.6 pence per Ordinary Share and 42.5 million are exercisable at a price of 0.8 pence per share for a 3-year period from completion of the acquisition (together the “Seller Warrants”), the official release said.
“We are delighted to announce the successful completion of this transaction; the proceeds from which, together with our prevailing resources provide the Company with more than sufficient funding for our current pipeline of prospective investment and projects,” Eddy Travia, Coinsilium CEO, said. “This is a most exciting time to be at the forefront of the Blockchain Technology industry and the emerging Token Economy. We look forward to announcing some exciting developments to the market in the near term.”
More recently, SatoshiPay announced its partnership with the IOTA Foundation as it sought to replace bitcoin with IOTA as its settlement network.
Based in London, Coinsilium is an accelerator that finances and manages the development of early-stage blockchain technology companies.
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