Business
SatoshiPay Fundraise and Conversion of Loan Notes
SatoshiPay Fundraise and Conversion of Loan Notes.
About this update from Blue Star Capital Plc
[{"type":"text","content":"\n \nRNS Number : 1714P Blue Star Capital plc 06 February 2019 \n\nBlue Star Capital plc\n(\"Blue Star\" or the \"Company\")\n \nSatoshiPay Fundraise and \nConversion of Loan Notes \n \n \nBlue Star Capital plc (AIM: BLU) provides an update in respect of its investee company SatoshiPay Ltd (\"SatoshiPay\").\n \nSatoshiPay Fundraise\n \nThe Company has been informed by SatoshiPay that it has completed a private fundraise (the \"Fundraise\"), raising approximately £830k at a valuation of £15.0 million.\n \nConversion of Loan Notes\n \nOn 1 December 2017, the Company announced that it had subscribed for €200,000 of convertible loan notes (\"CLN\") issued by SatoshiPay. Under the terms of the CLN, the Company is able to convert the loan at a 15% discount to the valuation of SatoshiPay at its most recent fundraising round. The valuation of SatoshiPay used to determine the conversion price of the CLN is £15.0 million, based on the valuation of both the fundraise announced on 26 July 2018, and also the current SatoshiPay Fundraise.\n \nBlue Star announces that is has now elected to convert the CLN into a further 249 shares in SatoshiPay.\n \nFollowing the conversion of the CLN, and following the completion of the Fundraise, Blue Star will hold a total of 5,739 shares in SatoshiPay, representing approximately 29.4% of its issued share capital. At a valuation of approximately £15.8 million post money, the Company's shareholding in SatoshiPay is valued at approximately £4.7 million which is equivalent to approximately 0.23 pence per Blue Star share, excluding the Company's other investments.\n \nTony Fabrizi, CEO of Blue Star said: \"We are pleased to exercise our conversion rights on the CLN and to maintain our shareholding at around 30%. The SatoshiPay private fundraise has secured support from experienced blockchain and fintech investors. Following the announcement last week regarding the partnership with Axel Springer and having now secured sufficient cash for its immediate needs we are confident SatoshiPay is well set for an exciting year.\"\n \nThis announcement contains inside information for the purposes of Article 7 of EU Regulation 596/2014.\nFor further information, please contact:\n \n\n\n\nBlue Star Capital plc\n\n\n+44 (0) 777 178 2434\n\n\n\n\nTony Fabrizi\n\...