# GSTechnologies successfully raise £1.33 million to rapidly build blockchain enabled neobanking business

- Link: https://www.directorstalkinterviews.com/gstechnologies-successfully-raise-1.33-million-to-rapidly-build-blockchain-enabled-neobanking-business/4121042692
- Published: 2022-01-11T07:14:15+00:00
- Author: Giles

**GSTechnologies Limited** (LON:GST), the fintech and information technology solutions
company, has announced that the Company has raised gross proceeds of £1,335,100 
through a placing of 40,476,190 shares and a subscription for 23,100,000 shares 
of no par value in the Company at a price of 2.10 pence per share.

The issue of the Fundraising Shares is within the Company’s existing allotment authorities.
The Fund Raising Shares equate to approximately 4.3% of the Company’s currently 
issued share capital.  In addition, participants in the Placing and the Subscription
have been issued with one warrant for every five Fundraising Shares exercisable 
at 2.10 pence per share at any time up to one year from Admission, as defined below.

The funds raised from the Placing and the Subscription will be principally used 
to accelerate the implementation of the Group’s strategy, in particular covering
planned sales and marketing costs, and the costs of further development and implementation
of the Wise MPay technology, including in relation to the acquisition of Angra Limited,
which remains subject to FCA approval.

Further announcements will be made by the Company as appropriate.

**Appointment of Broker**

The Company is pleased to announce the appointment of Monecor (London) Ltd, trading
as ETX Capital, as the Company’s Broker with immediate effect.  The Placing was 
arranged by ETX Capital.

> **Tone Goh, Chairman of GSTechnologies, commented:** “I am pleased that we are
> able to announce this successful fundraising, again at a higher price than our
> previous raise, to provide further funds for our development.  I look forward 
> to providing further updates in due course, including in relation to the FCA approval
> of the Angra acquisition, as we seek to rapidly build a blockchain enabled neobanking
> business.”

**Admission and Total Voting Rights**

The Placing and the Subscription have been conducted utilising the Company’s existing
share authorities.  The Fundraising Shares will rank pari passu in all respects 
with the existing shares.  The Placing is conditional, inter alia, on there being
no breach of the obligations under the Placing Agreement entered into between Monecor(
London) Ltd (trading as ETX Capital) and the Company prior to Admission, and admission
of the Fundraising Shares to trading on the Main Market of the London Stock Exchange(“
Admission”) becoming effective.  Application will be made to the London Stock Exchange
for the Fundraising Shares to be admitted to trading on the Main Market of the London
Stock Exchange and the Standard Segment of the FCA Official List.  It is expected
that Admission will become effective and that dealings in the Fundraising Shares
on the Main Market of the London Stock Exchange will commence on or around 17 January
2022.

On Admission, the Company will have 1,548,558,192 shares in issue, each with one
voting right.  There are no shares held in treasury. Therefore, the Company’s total
number of shares and voting rights will be 1,548,558,192 and this figure may be 
used by shareholders from Admission as the denominator for the calculations by which
they will determine if they are required to notify their interest in, or a change
to their interest in, the Company under the FCA’s Disclosure Guidance and Transparency
Rules.

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