Blue Star ups stake in Bitcoin platform SatoshiPay

Blue Star Capital announced a conditional agreement to raise its stake in nano payment software and block chain company, SatoshiPay.

AIM-listed Blue Star agreed to purchase 2,133 ordinary shares in the capital of SatoshiPay for a total consideration of €725,220 payable in cash to Seedcoin Limited, a subsidiary of Coinsilium Group and the current owner of the shares.

Completion of the the agreement was conditional on shareholder appproval at a general meeting which had been scheduled for later on the same day, at 11:30 BST.

Following the purchase, Blue Star's stake in Satoshi would rise from 19.01% to 31.1%.

The transaction would be financed by the proceeds of a placing for approximately £0.59m-worth of stock together with its existing cash resources, Blue Star said in a statement.

Blue Star had conditionally raised approximately £650,000 through the proposed issue of 325m new ordinary shares at a price of 0.20p each.

Company boss Anthony Fabrizi subscribed for 5,242,041m of the placing shares at 0.2p which was worth £10,484.

Fabrizi expressed delight at the increased shareholdings in SatoshiPay: "We are delighted to have increased out shareholding in SatoshiPay to over 30%. We continue to believe the potential for SatoshiPay's solution is significant.

"Recent enhancements to StaoshiPay's product offering has increased the Blue Star boards confidence in the company and we are delighted to have achieved a second increase in shareholding at the same valuation as our initial investment."