Exclusive: ETX Capital raises £0.4M for Online Blockchain plc
FNG Exclusive… FNG has learned that Retail FX and CFDs broker ETX Capital has continued to grow its investment banking franchise, completing a £0.4 million capital raise for Online Blockchain plc (LSE:OBC). Online Blockchain is the UK’s leading listed blockchain company. The company incubates cryptocurrency startups and develops technical innovation in the blockchain space.
We have previously reported that ETX Capital had pursued plans to use the FCA license of parent Monecor (London) Limited and branch out of its core CFDs brokerage business into other areas such as capital raising, following the acquisition of the company earlier this year by Switzerland fintech investor Guru Capital SA.
By our count this is ETX’s fourth investment banking deal of 2020, with the last one being a £900,000 fundraising for Mosman Oil and Gas Limited (AIM:MSMN), back in October.
Online Blockchain plc raised £0.4 million before expenses by way of a placing of 1,818,181 new Ordinary Shares through ETX Capital at a placing price of 22p per share. The proceeds of the placing will be used to fund the continuing development and the upcoming launches by Online Blockchain of its existing crypto and blockchain-based products (which 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.
Clem Chambers, Online Blockchain plc CEO 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”.