Gibraltar technology group Valereum Plc today announced the sale of its Bitcoin Mining assets to Vinanz Ltd for a total consideration of 27,325,171 shares in Vinanz.

Vinanz is listing on London’s AQUIS Stock Exchange and these shares will have an asset value to Valereum of around £800,000 (valued at Vinanz’s listing price of 3p per shares).

Richard Poulden, Valereum’s Chairman, said:

“The sale of the Bitcoin mining assets clearly demonstrates the board’s commitment to focus completely on the core business of completing the exciting acquisition of the Gibraltar Stock Exchange and launching our NFT Collections program.”

The shares in Vinanz are subject to a 12 month lock-in.

Richard Poulden, a director of Valereum, controls Black Swan FZE which subscribed for shares in Vinanz, having paid a total consideration of £25,000, and currently owns 15.63% of Vinanz’s share capital. On admission of Vinanz, Black Swan’s shareholding will be diluted to 8.58%. Black Swan’s shares are also subject to a 12-month lock-in. In addition to being a director of Valereum, Richard Poulden owns 3.37% of the Company.