Coinsilium Group Limited (COIN) Coinsilium Group Limited: INTERIM STATEMENTS FOR THE SIX-MONTH PERIOD ENDED 30 JUNE 2021 30-Sep-2021 / 12:34 GMT/BST Dissemination of a Regulatory Announcement that contains inside information according to REGULATION (EU) No 596/2014 (MAR), transmitted by EQS Group. The issuer is solely responsible for the content of this announcement.
COINSILIUM GROUP LIMITED
("Coinsilium" or the "Company")
UNAUDITED CONSOLIDATED INTERIM FINANCIAL STATEMENTS
FOR THE SIX-MONTH PERIOD ENDED 30 JUNE 2021
Coinsilium Group Limited, the Blockchain, DeFi and Crypto Finance venture operator, is pleased to announce its unaudited consolidated interim financial statements for the six months ended 30 June 2021.
-- Profit for the period from continuing operations increased to GBP326,608 (H1 2020: profit of GBP26,531).
-- Earnings per share of 0.2038 pence (H1 2020: Earnings per share of 0.019 pence).
-- As at 30 June 2021, cash and cash equivalents, amounted to GBP1,874,192 (FY 2020: GBP173,298), following twosuccessful capital raises.
-- Net fair value gain on financial assets of GBP792,516 as at 30 June 2021 (H1 2020: GBP98,994).
-- Available for sale financial assets at fair value through profit or loss increased to GBP2.94m at 30 June2021 (FY 2020: GBP2.29m).
-- Total other current assets (Cryptocurrencies and Tokens) at GBP1,257,371 at 30 June 2021 (FY2020:GBP945,376).
-- No dividends were paid or recommended to be paid during the period.
The consolidated interim financial statements for the 6 months ended 30 June 2021 have not been reviewed or audited.
-- Partnership formed with Indorse Pte. Ltd. ("Indorse") and formation of 'Nifty Labs Limited', aNon-Fungible Token ('NFT') technology development studio in Gibraltar.
-- Nifty Labs commenced development work on a new Non-Fungible Token ("NFT") project to create an 'NFT onBitcoin' marketplace platform powered by the RSK blockchain, the smart contract platform secured by the Bitcoinnetwork.
-- Board strengthened with the appointment of Federica Velardo as a Non-Executive Director.
-- Early exercise of warrants by IOV Labs Ltd ("IOV") over 5,500,000 new ordinary shares in the Company at aprice of 4.5p for a total consideration of GBP247,500.
-- Successful completion of capital raise of GBP1.155m gross of expenses for strategic investment purposes,particularly in the NFT and Open Finance sectors, and to accelerate the Company's growth trajectory.
Outlook and Post Period End Highlights:
-- Co-organised the 'NFT Vision Hack', a global online hackathon focused on NFT technology. Event wasorganised by Nifty Labs in partnership with Indorse Pte. Ltd.
-- Admitted to the Apex Segment of the AQSE Growth Market, which is intended for larger, more establishedbusinesses having met the required conditions.
-- Launch of BlockBots, a 3D Voxel NFT project currently being developed by Coinsilium investee and partnercompany Indorse.
-- Board further strengthened with appointment of Wayne Almeida as a Non-Executive Director.
-- NFT and Crypto legal expert Omri Bouton appointed as advisor.
-- Completed strategic investment in Greengage Global Holding Ltd ("Greengage"). Greengage is currentlyengaged in the regulatory approval process with the Gibraltar Financial Services Commission ("GFSC") to receive aGibraltar banking licence.
Commenting on the results, Malcolm Palle, Chairman of Coinsilium, said: "We are very pleased to be reporting our Interim results for what was an incredibly busy six months for Coinsilium. This has continued at pace post-period end, with particular regard to our involvement with NFTs where our operations and activities have placed us at the vanguard of the space.
"This is another period where we can reflect on a healthy cash position, giving us the ability to continue to develop and position ourselves at the forefront of what is a rapidly evolving industry. Interest in cryptocurrencies remains high in spite of some instances of intense volatility that we have experienced year to date; only recently did the Boston-based investment giant Fidelity air a webcast which included a projection that, on a fifteen year-scale, Bitcoin has the ability to reach a price of USD100 million based on the 'stock-to-flow' model. In the near term however we remain somewhat more circumspect, though industry projections of a USD100k Bitcoin price by the end of 2021 are no longer considered outlandish.
"This provides us with great confidence in our business strategy, which we will continue to execute as we go through the rest of the financial year and beyond. Our improving profitability and robust cash levels are most pleasing to see, as we remain focused on delivering meaningful long term sustainable returns for shareholders. We would also like to take this opportunity to thank our shareholders for their ongoing confidence and support for the Company."
The Directors of the Company accept responsibility for the contents of this announcement.
For further information, please contact:
Coinsilium Group Limited
Malcolm Palle, Executive Chairman
Eddy Travia, CEO
Peterhouse Capital Limited
Guy Miller / Mark Anwyl +44 (0) 207 469 0930
(NEX Exchange Corporate Adviser)
SI Capital Limited
Nick Emerson +44 (0) 1483 413 500
Buchanan Communications +44 (0) 20 7466 5000
Chris Lane / Toto Berger
(Media and Investor Relations) E: firstname.lastname@example.org
I am pleased to report that Coinsilium has made further progress in the first six months of the current financial year, from both a financial and operational perspective. We finished the period in a strong financial position and have made tangible gains in strengthening Coinsilium's position within the NFT and Open Finance marketplaces, in line with our strategy.
In March 2021 the Company announced that it had received notice from IOV Labs Limited ("IOV") of the early exercise of warrants over 5,500,000 new ordinary shares in the Company at a price of 4.5p for a total consideration of GBP247,500. Following the exercise of the warrants, IOV Labs' shareholding in Coinsilium increased from 20,434,000 to 25,934,000 ordinary shares representing an interest of 16.85% of the Company's outstanding shares at that time.
To further support our growth and delivery of our strategy, we successfully raised a further GBP1.155m gross of expenses, as announced on 25 May 2021, through a share subscription and placement of 15,400,000 new ordinary shares at a price of 7.5 pence per share from existing and new shareholders. Each Placing Share has an attaching warrant to subscribe for a further new ordinary share at an exercise price of 15p ("Warrants"), valid for two years from the date of issue. The funds raised are primarily for strategic investment purposes, particularly in the NFT and Open Finance sectors, and to accelerate the Company's growth trajectory.
NFT progress - creating NFTs and building a marketplace secured on the RSK blockchain
During the period, Coinsilium took its first meaningful step into the NFT ecosystem in partnership with the Gibraltar Philatelic Bureau Ltd and RedFOX Labs, with the launch of a limited-edition collection of NFTs (the Gibraltar Genesis Collection) tied to the release of a commemorative limited edition Cryptocurrency Postage Stamp issued by HM Government of Gibraltar. The project was designed as a low cost 'testbed' and commercial pilot which continues to provide us with valuable operational and market experience which is crucial for our ongoing and future NFT projects.
In March 2021, we reported that the Company's wholly-owned Gibraltar subsidiary, Terrastream Limited ('TerraStream'), entered into a Memorandum of Understanding ('MoU') with Indorse Pte. Ltd. ('Indorse'), a Singapore company in which Coinsilium holds a 10% equity interest, to form a Partnership or Joint Venture in order to launch a Non-Fungible Token ('NFT') technology development studio in Gibraltar. The partnership, to be based in Gibraltar and conducted through TerraStream, was renamed 'Nifty Labs Limited' and trades under the commercial name 'Nifty Labs'.
We also announced in March 2021 that Nifty Labs and Indorse continue to advance discussions towards a formal agreement while the Company agreed to provide Nifty Labs with an initial working capital and development facility of up to GBP250k. The progress made at Nifty Labs has been swift, and in May 2021 it commenced development work on a new project to create an 'NFT on Bitcoin' marketplace platform powered by the RSK blockchain, the smart contract platform secured by the Bitcoin network. The initial focus of the marketplace functionality will be on NFT use-cases such as digital art, music, sports, gaming and metaverse assets. RSK is prioritising the build of a token bridge which will enable the transfer and movement of RSK blockchain standard NFTs to other blockchain standard NFTs, including Ethereum ERC721. Post period end, in July 2021, we reported that development of the marketplace was progressing well with project build completion anticipated to be within the initially projected six-month timeframe.
In April 2021, Indorse released the public alpha of 'Nifty Scanner', a digital asset analysis software solution for NFTs. Nifty Scanner is a browser extension and is now available on Google Chrome, Mozilla Firefox, Opera and Brave, which 'scans' NFTs and provides detailed essential background information on how and where the assets (the media and the metadata) associated with an NFT are stored. Currently, Nifty Scanner is compatible with the OpenSea marketplace and we expect it to be compatible with other popular marketplaces in due course.
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