SatoshiPay Fundraise and Conversion of Loan Notes

RNS Number : 1714P

Blue Star Capital plc

06 February 2019

 

Blue Star Capital plc

("Blue Star" or the "Company")

SatoshiPay Fundraise and

Conversion of Loan Notes

Blue Star Capital plc (AIM: BLU) provides an update in respect of its investee company SatoshiPay Ltd ("SatoshiPay").

SatoshiPay Fundraise

The 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.

Conversion of Loan Notes

On 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.

Blue Star announces that is has now elected to convert the CLN into a further 249 shares in SatoshiPay.

Following 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.

Tony 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."

This announcement contains inside information for the purposes of Article 7 of EU Regulation 596/2014.

For further information, please contact:

Blue Star Capital plc	[phone]
Tony Fabrizi
Cairn Financial Advisers LLP	[phone]
(Nominated Adviser)
Jo Turner / Liam Murray / Richard Nash
Smaller Company Capital Limited	[phone]
(Broker) Rupert Williams/Jeremy Woodgate

About SatoshiPay 

SatoshiPay was founded in 2014 and is headquartered in London, with development led through its Berlin office. SatoshiPay offers a frictionless micropayment solution to help digital publishers monetise content globally. The SatoshiPay platform is based on scalable blockchain technology supplied by the Stellar.org network. Find frequently updated information at the company's website www.satoshipay.io, its blog www.medium.com/@SatoshiPay and Twitter @SatoshiPay.

 

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