Online Blockchain Raises £1M via Share Placement

UK's leading blockchain company Online Blockchain plc (LSE: OBC) today announced that it has raised £1.0 million by way of a placing of 2,717,391 new Ordinary Shares with Monecor (London) Limited trading as ETX Capital at a placing price of 36.8p per share. 

The proceeds of the Placing will be used to fund additional new projects as well as enhance the deployment of Umbria and support its existing crypto and blockchain-based products and are anticipated to satisfy the Company's current working capital and development needs for at least 12 months.

Online Blockchain has entered into a placing agreement dated 1 February 2021 with Monecor, pursuant to which Monecor, as agent for the Company, has subscribed 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 8 February 2021 (or such later time and/or date as may be agreed, being no later than 8.00 a.m. on 28 February 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 and in the event of a force majeure event occurring at any time prior to admission of the Placing Shares.

Clem Chambers CEO commented: "We are very pleased to have received further support at this moment of high interest in Blockchain and DeFi (Decentralised Finance) projects. As previously reported, we hope to start beta-testing our new development project in decentralised finance, Umbria, in the first quarter of 2021.These additional funds will allow us to initiate development on further projects at this opportune moment and we look forward to updating  Shareholders in due course. Furthermore, the additional funds will satisfy our current working capital and development needs for at least 12 months and there is no current intention to return to the market for further funding."