The Company is also pleased to announce that its London representative office address has changed with immediate effect.
01 March 2021 - Coinsilium Group announced the appointment of Federica Velardo as a Non-Executive Director of the Company with immediate effect. Federica is a qualified solicitor and her experience covers national and international transactions including advising and assisting companies on sales, mergers and acquisitions, joint ventures, investments, admissions to the AIM Market of the London Stock Exchange, fundraising and general corporate-commercial advice.
The Company also notes that Tony Sarin has resigned as a Non-Executive Director with immediate effect. The Board wishes to thank him for his significant contribution to the Company and his guidance and support to the Board provided over his six-year tenure, and to wish him every success in all his on-going and future endeavours.
02 March 2021 - Coinsilium Group is pleased to announce that its wholly owned Gibraltar subsidiary, Terrastream Limited ('TerraStream'), has entered into a Memorandum of Understanding ('MoU') with Indorse Pte. Ltd. ('Indorse'), a Singapore company in which Coinsilium holds a 10% equity interest, to form a Partnership or Joint Venture ('the Partnership') in order to launch a Non-Fungible Token ('NFT') technology development studio in Gibraltar. Indorse founder and CEO Gaurang Torvekar set to lead Nifty Labs tech team.
02 March 2021 - Coinsilium Group is pleased to announce that it has received notice from IOV Labs Limited (IOV) of the early exercise of warrants over 5,500,00 new ordinary shares in the Company at a price of 4.5p for a total consideration of GBP247,500.
Following the exercise of the warrants, IOV Labs shareholding in Coinsilium increases from 20,434,000 to 25,934,000 ordinary shares representing an interest of 16.85% of the Company's outstanding shares, excluding warrants and treasury shares. Following the exercise and issue of the 5,500,000 new ordinary shares, there will be 153,918,235 ordinary shares of nil par value ("Ordinary Shares") in issue and 4,680,000 Ordinary Shares held in treasury. There is a total of 158,598,235 Ordinary Shares in issue.
Given the early exercise of the IOV warrants, approximately 21 months prior to expiry, the Company has agreed to award IOV with 5,500,000 replacement warrants exercisable at a price of 12p per share valid for two years from the date of this announcement.
22 March 2021 - Progress update with regards to the launch of Nifty Labs Limited: the Company has agreed to provide Nifty Labs with an initial working capital and development facility of up to GBP250,000. A proportion of these funds will be allocated to the commissioning and fast-track development work of Nifty Labs' first proprietary NFT platform solution, with Indorse to manage the technical aspects of the project.
24 March 2021 - the Company has received notice to exercise over 750,000 options ("Option Shares") at 9p per share. Funds of GBP67,500 have been received by the Company.
25 May 2021 - Coinsilium Group has successfully raised GBP1,155,000 gross of expenses through a share subscription and placement of 15,400,000 new ordinary shares of no par value ("Ordinary Shares") at a price of 7.5 pence per share (the "Placing Shares") from existing and new shareholders with the Company's corporate stockbroker, SI Capital. The funds raised will primarily be used for strategic investment purposes, particularly in the Non-Fungible Token ("NFT") and Open Finance sectors and to accelerate the Company's growth trajectory. Further announcements in this respect are expected to be made in due course.
29. Prior year adjustment
In the prior year, Coinsilium Group Limited had incurred a management charge payable to its subsidiary, Coinsilium UK Limtied. The management charge was recorded in error in the parent company and subsequent to the year-end, the management charge was reversed and no longer payable. Management assessed that a prior year adjustment was deemed necessary for this error in 2019.
This note explains the prior year adjustments without restating comparative information. The reclassifications arising are reflected in the Statement of Financial Position, Statement of Changes in Equity and Statement of Cash Flow as at 31 December 2019. The following tables show the adjustments recognised for each individual line item.
31 December 2019 Adjustment 1 January 2020 (restated)
Company
GBP GBP GBP
Statement of Financial Position
Current assets
Trade and other payable 986,388 (937,349) 49,039
Retained earnings (4,504,762) 936,349 (3,567,413)
Statement of Cash Flow
Cash flows from operating activities
Profit before taxation (1,284,286) 937,349 (346,937)
(Increase)/Decrease in trade and other payables 955,997 (937,349) 18,648
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ISIN: VGG225641015
Category Code: MSCM
TIDM: COIN
Sequence No.: 114693
EQS News ID: 1214067
End of Announcement EQS News Service
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July 01, 2021 02:02 ET (06:02 GMT)
