London-listed Gold Explorer Hamak Gold Limited has changed direction and is currently adopting news that has risen 6% of stocks. The company is currently combining traditional gold exploration with digital assets.
The news ended its 27% discount on July 2nd after Hamak raised £2.47 million through placement and subscription rounds and priced new shares at 0.8p.
As part of the fundraising, Hamak issued 308,375,000 new common stock. It is 68.2% of its expanded share capital.
The new share includes a free one-on-one warrant at an issuance price that investors can make for two years. Existing shareholders will also obtain equivalent warrants and as of July 2nd, the eligibility determined by their holdings will be determined.
The company is currently operating in two trucks: Gold Exploration and Bitcoin Treasury. Nick Thurlow, executive chairman of Hamack Gold, said:
“By injecting additional capital, we are now well positioned to pursue two core goals in parallel.: Maximizes gold exploration opportunities and leads the UK market in Bitcoin financial management as a major market-listed company. ”
The stock issue has hit regulatory hurdles stemming from UK listing rules. This required a prospectus approved by the FCA to ensure that all shares were directly recognized in the transaction.
As a workaround, the new stock was temporarily allocated to two new directors, Nick Thurlow and James Lawrence. They agreed to resell 283 million shares to investors at the original discounted price.
This is considered a clever solution under strict UK regulations surrounding Bitcoin Link Equity. Legal observers say Hamak’s workaround could be a template for other companies in the same situation.
Related: Gold Mining Developer Bluebird Ventures Announces Bitcoin Reserve Plan
The company witnessed a change in leadership following the resignation of executive chairman Amara Kamala and non-executive director Nair Young.
Thurlow and Lawrence have taken over as executive chairman and executive directors, respectively. Thurlow was previously the CFO of Dubai-based MBS Global Investments. This is a company associated with the Qatar royal family.
MBS Global Investments, part of the private office of Sheikh Knife Bin Eid Al Thani, a member of the Qatar royal family, has invested £100,000 in the round. This brings institutional reliability to Hamack’s Bitcoin play.
MBS’ investments also show that Middle Eastern investors are interested in digital assets through London listed companies.
Hamak has filed the required documents with the FCA and the London Stock Exchange to grant new shares under the Stock Shares (Transition) category. The transaction is expected to begin soon.
This is not the only UK listed company that accepts Bitcoin as a corporate financial asset. Several other London-based companies have made similar announcements over the past two weeks.
Hamak follows in the footsteps of its US-based business intelligence company strategy led by Bitcoin advocate Michael Saylor, but it has a European twist.
Other UK companies are already trending:
- Panther metalreported a loss of £2.2 million, and planned to buy the first Bitcoin and build a holding worth £4 million.
- Bluebird Mining Ventures They are raising £2 million in debt to buy Bitcoin and are looking to raise another £10 million. The company had previously reported a loss of $898,000.
- VinanzOriginally a Bitcoin mining company, it continues to expand its Bitcoin reserve, and now totals at $3.85 million.
- A smarter web companyThe website’s building business has now reached a market capitalization of up to £86.2 million after it announced its Bitcoin financial plan in April.
