Valereum PLC - Valereum acquires major shareholding in Vinanz Ltd
RNS Number : 4833W
Valereum PLC
18 August 2022
 

The information contained within this announcement is deemed by the Company to constitute inside information as stipulated under the Market Abuse Regulation (EU) No. 596/2014 as it forms part of UK domestic law by virtue of the European Union (Withdrawal) Act 2018 ("MAR")

 

Logo Description automatically generated

18 August 2022

Valereum Plc

("Valereum" or the "Company")

 

Valereum conditionally acquires major shareholding in Vinanz Ltd

In exchange for sale of Bitcoin mining assets and Bitcoin holdings

Valereum is pleased to announce that, conditional only upon the listing of Vinanz Ltd on a recognised stock exchange it will sell its Bitcoin mining assets to Vinanz Ltd in exchange for fully paid ordinary shares in the company representing a holding of approximately 24%. The final holding will depend on the amount of the capital raised as part of the listing. Valereum will have no management representation on the Vinanz board.

Valereum acquired 20 BTC miners in the USA, as announced on 21 April 2021, with a combined computational processing power of 1,600 TH/s (trillion hashes per second) and Valereum's wallet currently holds approximately 4.15 BTC.

This is a strategic reorganisation to focus Valereum on the acquisition and expansion of the Gibraltar Stock Exchange and the imminent launch of our NFT program. However this also provides Valereum with a significant exposure to crypto markets through a substantial holding in a company focussed solely on crypto mining and distribution.

Vinanz Ltd is run by Mr David Lenigas and Mr Jeremy Edelman. Vinanz plans to expand on the Valereum BTC miners and progressively build out a Bitcoin mining company initially focusing on installing clusters of BTC miners in multiple de-centralised data facilities throughout the US and Canada.

Richard Poulden, Chairman of Valereum, commented: "The final Bitcoin is expected to be mined in approximately 2140 but the supply will steadily be constricted as we approach that date. Estimates of the final value of Bitcoin as this date approaches are as high as $150,000 per coin and we remain convinced that this is a valuable and substantial play on crypto currency in general."

David Lenigas, Chairman of Vinanz Ltd commented: "The acquisition of Valereum's BTC miners means that Vinanz will start life as an operating company with miners and BTC in its wallet. Our job at Vinanz will be to try and grow the number of miners and the size of our wallet as quickly as possible. The volatile Bitcoin price has taken a bit of a price hit in recent times, but the board of Vinanz sees this as a great time to grow a substantial BTC business. We also see the leverage to the BTC price over the coming years as tremendous and the quicker we can get new miners installed - the better. Valereum will be a great substantial shareholder as they truly recognise the growth potential of the overall crypto and NFT markets as more of the world's leading financial institutions weigh into this new financial sector."

The Directors of the Company accept responsibility for the contents of this announcement.

END

Enquiries:                                                                                            

 

Valereum Plc

Richard Poulden, Chairman

Tel: +971 4584 6284

 

AQSE Corporate Adviser

Peterhouse Capital Limited

Heena Karani

Tel: +44 (0) 207 469 0930

 

Investor Relations

J&H Communications Limited

James Henderson

Tel: +44 (0)7774 444163

james@j-hcommunications.com

 

George Hudson

Tel: +44 (0)7803 603130

george@j-hcommunications.com

 

For more information, please visit the Company's website at valereum.gi

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our Privacy Policy.
 
END
 
 
NEXBKFBQCBKKQFD ]]>