IN BRIEF: Quantum Blockchain raises GBP350,000 in placing

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IN BRIEF: Quantum Blockchain raises GBP350,000 in placing

Quantum Blockchain Technologies PLC – London-based blockchain research and development – Raises GBP350,000 before expenses through a placing of 140.0 million new shares at 0.25 pence each. Says it will use the net proceeds for continued research and development, testing and optimisation of its proprietary <a href="https://xpertsstudio.com/xrp-etfs-outperform-bitcoin-etfs-by-100/” title=”XRP ETFs outperform Bitcoin ETFs by 100%”>bitcoin mining technologies, including its ‘Method C AI Oracle’. Funds will also go towards bringing the recently-granted US patent for its ASIC Ultra Boost to market readiness, as well as porting and integration work with mining hardware and software environments. It will also help fund commercial and business development activities with prospective industry counterparties. Placing funds will be used for general working capital.

“The placing provides the company with additional working capital to support the development and testing activities required to bring our proprietary bitcoin mining technologies to market,” comments Chief Executive Officer & Executive Chair Francesco Gardin. “Our current focus is on progressing the work on the AI Oracle and our other software-based solutions, while further developing relationships with industry participants and potential future commercial partners in preparation for commercial deployment.”

Current stock price: 0.27 pence, down 17% on Wednesday in London

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Source: www.lse.co.uk