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CORRECT: Quantum Blockchain raises GBP350,000 in placing
(Corrected to clarify that the ASIC Ultra Boost patent has not yet been granted, although Quantum’s application has received formal approval from the US Patent & Trademark Office.)
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/remixpoint-shifts-focus-to-bitcoin-after-selling-altcoin/” title=”Remixpoint Shifts Focus to Bitcoin After Selling Altcoin”>bitcoin mining technologies, including its ‘Method C AI Oracle’; bringing the US patent for its ASIC Ultra Boost to market readiness; porting and integration work with mining hardware and software environments; and commercial and business development activities with prospective industry counterparties. Will also use them for general working capital. Expects the US patent for ASIC Ultra Boost to be issued in due course, although certain formalities remain before it is granted.
“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: 0.28 pence, down 14% on Wednesday in London
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Source: www.lse.co.uk