Coinsilium Group Limited is pleased to provide the following update regarding Indorse Pte. Ltd. (“Indorse”) and to announce that the Company has been granted an option to subscribe for an additional 7% of the fully diluted share capital of Indorse (“Option Agreement”). Indorse is a Singapore-based company developing a blockchain-powered decentralised network for professionals.
Highlights
- Indorse successfully closes its blockchain token pre-sale with proceeds reaching 18,396.21 ETH (equivalent to circa USD$5.37million) in 3 days
- Team doubled from 4 to 8 between May 2017 and July 2017 and now includes 4 technology developers
- Indorse’s token sale will remain open to the public until 7 September 2017
- Coinsilium granted an option to subscribe up to SG$350,000 worth of Indorse shares and the right to a seat on the Board of Directors
The Company is pleased to announce that it has entered into an Option Agreement to subscribe to 7% of the fully diluted share capital of Indorse for a total of SGD350,000. The Option Agreement is valid for a 3 month term and if fully exercised, the Company would have the right to appoint an individual to the board of Indorse.
Separately, on 8 June 2017, the Company announced an investment of SGD100,000 (circa £56,100) in Indorse through a convertible loan agreement and received an undisclosed number of Indorse digital tokens as part of this agreement (“Convertible Loan Agreement”). Should the Company choose to fully exercise the Option Agreement and fully covert the Convertible Loan Agreement, the Company’s equity position in Indorse would be circa 10%.
A promotional video from Indorse can be viewed via the link below:
https://youtu.be/peZOjxQhWL4
Eddy Travia, CEO of Coinsilium, commented: “The successful token pre-sale provides a tremendous vote of confidence for Indorse and confirms our belief in the team’s ambitious vision for building a global blockchain-powered decentralised platform for professionals.
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We are confident that the significant level of the proceeds from the pre-sale and the ongoing public token sale will provide the financial resources for the team to accelerate its path towards achieving its objectives.
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We are also very pleased to have been granted this additional option under terms which will allow us to increase our equity stake in Indorse’s capital at a pre-agreed, conservative valuation.
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Following on from the successful exit from our investment in SatoshiPay, achieving a valuation uplift of 363% in under two years, it is important that we demonstrate our ability to identify the next opportunities for our portfolio with the potential to replicate and build on this impressive performance.
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We believe that Indorse represents such an opportunity and its model for using blockchain and smart contract technology to reward user activity introduces a disruptive new paradigm into the multi-billion-dollar social network industry”.
