Upper Thames Holdings PLC (LON:UPPT), the renamed PCG Entertainment, said it has received firm placing commitments to raise £516,000 through a private placement in order to accelerate its new business strategy, which includes a global blockchain initiative.
The Aquis-listed company said it raised the funds through the placing of 51.6mln new shares at a price of 1p each, a 53.8% premium to its closing price on Monday.
Upper Thames also said the new focus of the firm going forward will be linking conventional, mainstream currency products denominated in fiat currencies such as USD and GBP, into the world of cryptocurrency, which “opens up a range of new opportunities”.
It said products will cover concepts such as the trading of USD or GBP securities on crypto exchanges, as well as the trading of physical property on blockchain structures.
“This is a very exciting move for Upper Thames, and we plan to enter a sector that is a major opportunity in the crypto and blockchain market. We have identified the right pool of intellectual capital and technology partners to roll out our strategy and look forward to updating the market as material events occur”, chairman Richard Poulden said in a statement.
“Tesla shares already trade as a crypto derivative on the Bittrex Global exchange in Bermuda. From our discussions with Bittrex we believe that this can be extended to cover a range of shares and other instruments providing a bridge between these large pools of funding”, he added.