Quantum Blockchain raises £1m for research and development

Quantum Blockchain announced the raising of £1m through a placing of new shares on Friday, to fund its research and development, among other activities.

The AIM-traded firm said the funds raised, before expenses, came from the placement of 71,428,571 new shares at a price of 1.4p each.

It said the funds would provide it with additional capital to further its research and development programmes, including the advancement of its proprietary Bitcoin mining machine-learning algorithms and software product release.

They would also support its efforts in North America, specifically its business development activities in the region.

Furthermore, a portion of the proceeds would be allocated to Sipiem in Liquidazione’s response to the defendants' appeal, as well as general working capital.

“We are pleased to have performed this placing, which secures the funds to continue implementing the development of the company’s cutting-edge proprietary technologies,” said executive chairman and chief executive officer Francesco Gardin.

At 1454 BST, shares in Quantum Blockchain Technologies were down 17.19% at 1.594p.

Reporting by Josh White for Sharecast.com.