(Alliance News) - Coinsilium Group Ltd on Monday announced that it will no longer be proceeding with plans to acquire additional shares in investee Indorse Pte Ltd.

The Gibraltar-based investor and adviser, which focuses on blockchain and cryptocurrency finance, currently holds a 10.16% stake or 1,433 shares in Singapore-based Indorse.

In late November, Coinsilium announced its and Indorse's entry into Heads of Terms, for Coinsilium to buy an additional 2,773 shares in exchange for 65 million new Coinsilium shares at 3 pence each. This would have represented consideration of GBP2.0 million.

On Monday, however, Coinsilium said that it and Indorse have agreed not to proceed with these negotiations at this time. This was due to "the complexity of the proposed share acquisition transaction and the time required to complete the neccesary due diligence work".

Coinsilium said that both companies will now focus on their collaboration to develop and launch the Byzant Web3 Social Network Ecosystem and its applications.

This work "has accelerated and is entering a particularly active period". Coinsilium said a 'Testnet' version is "currently slated" for deployment by the end of March.

"Given the highly intense activity of the past few months which we expect to continue over the course of the year, we believe we are making the right decision in choosing to dedicate our time and energy to pursue our collaboration with Indorse with regards to the Byzant Web3 Ecosystem," commented Chief Executive Eddy Travia. "We see a growing interest in the benefits of decentralised social networks and the Web3 applications enabling these networks, and the talented team at Indorse has the perfect technical skills to propel Byzant to a leading position in this emerging space."

Coinsilium shares were flat at 2.00 pence each in London on Monday afternoon.

By Emma Curzon, Alliance News reporter

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