22 March 2018
COINSILIUM GROUP LIMITED
("Coinsilium" or the "Company")
Coinsilium exercises option to increase its stake in Indorse to 10%
Indorse makes significant progress as it moves from Testnet to Mainnet
Further to the announcement of 9 January 2018, Coinsilium Group Limited (NEX: COIN), the blockchain venture builder, investor and advisor that finances and manages the development of early-stage blockchain technology companies, is pleased to announce that it has exercised its option to acquire a further 3.5% of the share capital of Indorse Pte. Ltd. ("Indorse") via its wholly-owned subsidiary Seedcoin Limited ("Seedcoin") taking its total holding to 10%.
● Coinsilium is acquiring the additional 3.5% shareholding at the agreed price of SGD175,000 (approximately GBP 97,000) as per the terms of the Option Agreement first announced on 11 August 2017
● Coinsilium will now beneficially own 10% of the fully diluted share capital of Indorse
● Total amount invested in Indorse to date is now SGD450,000 (approximately GBP 246,000) at a pre-money valuation of SGD 4,500,000 (approximately GBP2,460,000)
● Indorse makes successful move from Testnet to Mainnet
Indorse Platform and Progress Update
Indorse is a Singapore-based company developing a blockchain-powered decentralised social network for professionals that puts users in charge of their own data. The Indorse platform uniquely enables its users to monetise their data and verify their profiles through a token-centric reward system. This functionality introduces a disruptive new paradigm into the multi-billion-dollar global social network industry, thus providing greater transparency and data security to an industry increasingly plagued by privacy breaches and data ownership issues.
Indorse has now moved from the development phase on Testnet to the Mainnet after thorough testing, audit, and bug fixing, marking a significant milestone for the platform. Additionally, Indorse has also announced the launch of a new feature that will add an additional layer of transparency for companies conducting Token Generation Events (TGE's). This new feature will enable organisations and projects to verify their advisory board, team members, and partners through smart contracts to drive higher levels of trust. StartupToken and Kyber Network are among the first projects to commit to verifying their advisory boards using Indorse's new feature.
Malcolm Palle, Chairman of Coinsilium, stated: "We are delighted to continue to support Indorse and make this further investment that sees us increase our interest to a meaningful 10% shareholding. Since our initial investment last year, we have been consistently impressed by the pace of progress the company has made under the leadership of Gaurang and his talented and highly motivated team. We are excited to be part of this highly aspiring project and look forward to updating shareholders as its roll-out gathers pace."
Gaurang Torvekar, CEO and Co-founder of Indorse, stated: "We are extremely grateful for the continued confidence shown by Coinsilium in our platform. Today's announcement builds on the strong momentum within our community, with the Indorse network growing to over 6,000 users in the last few months, along with our successful launch on the mainnet. We have just launched the company pages and advisor connections feature, which has garnered significant interest, especially among pre-ICO companies. Currently, we have more than 20 companies interested, whom we will be on-boarding throughout the next few weeks."
The Directors of Coinsilium Group Limited take responsibility for this announcement.
For further information, please contact:
Malcolm Palle, Executive Chairman +44 (0) 7785 381089
Coinsilium Group Limited
Eddy Travia, CEO +44 (0) 20 3889 4312
Coinsilium Group Limited
Harry Chathli / Ana Ribeiro / Alexis Gore +44 (0) 207 618 9100
Luther Pendragon Ltd
Guy Miller / Mark Anwyl +44 (0) 207 469 0930
Peterhouse Corporate Finance Limited
(NEX Exchange Corporate Adviser)
Nick Emerson +44 (0) 1483 413 500
SI Capital Limited
Notes to Editor
Coinsilium is an accelerator that finances and manages the development of early-stage blockchain technology companies. It does this through its consortium of top-tier investors, industry thought leaders and executive managers. Based in London, Coinsilium's focus is on driving innovation in fintech and blockchain technologies, enabling businesses to take advantage of growth opportunities. Coinsilium also provides advisory services to companies planning token generation events.
Coinsilium shares are traded on NEX Exchange Growth Market, the primary market for unlisted securities operated by NEX Exchange, a Recognised Investment Exchange under the Financial Services and Markets Act 2000.
For further information about Coinsilium please visit http://www.coinsilium.com