Online Blockchain Raised £0.4 Million

Online Blockchain plc (LSE: OBC) announces that the Company has today raised £0.4 million (before expenses) by way of a placing of 1,818,181 new Ordinary Shares ("Placing Shares") through Monecor (London) Limited trading as ETX Capital ("Monecor") at a placing price of 22p per share (the "Placing Price") (the "Placing"). In completing the Placing, the Board has utilised the share authorities approved by shareholders at the last Annual General Meeting.

The proceeds of the Placing will be used to fund the continuing development and the upcoming launches by Online of its existing crypto and blockchain-based products (which as previously reported are in the early stages of development) and to consider new opportunities in the cryptocurrency, blockchain and decentralised finance (Defi) space and for general working capital purposes.

The Company has entered into a placing agreement dated 17 December 2020 (the "Placing Agreement") with Monecor, pursuant to which Monecor, as agent for the Company, has procured placees for the Placing Shares at the Placing Price. The obligations of Monecor under the Placing Agreement are conditional, inter alia, upon admission of the Placing Shares having occurred by 8.00 a.m. on 24 December 2020 (or such later time and/or date as may be agreed, being no later than 8.00 a.m. on 22 January 2021), and there being no material breach of the warranties given to prior to admission of the Placing Shares.

Monecor may terminate the Placing Agreement in specified circumstances (including for breach of warranty at any time prior to admission of the Placing Shares, if such breach is reasonably considered by Monecor to be material in the context of the Placing) and in the event of a force majeure event occurring at any time prior to admission of the Placing Shares.

Clem Chambers CEO has commented, "We are very pleased to have received support at a time when there is renewed interest in Blockchain. Freefaucet.io ( www.freefaucet.io ) continues to make progress, and now has 110,858 registered users and continues to grow with a current average of just over 1,000 new registrations per week. We are at early stages of developing a crypto protocol and, as well as our other projects, the company continues to focus on developing new projects in the decentralised finance (DeFi) area, which the Directors believe is the next phase of development of Blockchain. We look forward to updating Shareholders on our developments in due course".