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2021-07-01

Coinsilium Group Limited: Final Results for the year ended 31 December 2020

Coinsilium Group Limited (COIN)
Coinsilium Group Limited: Final Results for the year ended 31 December 2020

01-Jul-2021 / 07:00 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")

 

1 July 2021

Final Results for the year ended 31 December 2020

 

 

STATEMENT OF THE BOARD OF DIRECTORS

 

Coinsilium Group Limited ("Coinsilium", the "Group" or the "Company"), is pleased to announce its Final Results for the year ended 31 December 2020.

 

Financial summary 

 

  • The net fair value gain on financial assets in 2020 was £565,713 compared to a gain of £572,805 in 2019
  • Total Comprehensive Gain of £661,139 compared to a loss of £106,378 in 2019
  • Gain for the period from continuing operations £309,590 compared to a loss of £258,943 in 2019
  • Gain per share of 0.218 pence compared to a loss of 0.195 pence in 2019
  • Financial assets at fair value through profit or loss amounted to £2.29m at 31 December 2020 (31 December 2019: financial assets at fair value through profit or loss of £1.78m)
  • As at 31 December 2020 cash and cash equivalents amounted to £173,298 (31 December 2019: £235,079)

* Gain for the period includes gain in value of tokens over the period of £241,473.

 

The Directors present their report, together with the Group Financial Statements and Auditor's Report, for the year ended 31 December 2020. The comparative period is the year ended 31 December 2019.

 

The Directors do not recommend the payment of a dividend for the year ended 31 December 2020.

 

Operational summary

 

  • Strategic review launched and concluded with Open Finance and NFT market segments identified as focus of Group strategic direction moving forward.
  • Joint venture established with IOV in Singapore to commercialise IOV's products, services and technologies.
    • Join venture initially limited to Asia, but remit latterly broadened to worldwide.
  • Further partnership agreements executed with RedFOX Labs, to develop and facilitate the trading of Non-Fungible Tokens (NFTs) across various prospective market sectors, and the Gibraltar Philatelic Bureau for creation of a commemorative limited edition Cryptocurrency Postage Stamp tied to blockchain based NFT.
  • Trading on the OTCQB Venture Market in the US commenced in October 2020, providing Coinsilium with access to a new and materially larger pool of prospective investors.

 

The Directors present their report, together with the Group Financial Statements and Auditor's Report, for the year ended 31 December 2020. The comparative period is the year ended 31 December 2019.

 

 

Review of the Year

 

Coinsilium has now completed its sixth year of operations as a listed company. In July 2020, we launched a strategic review with the ultimate objective to best position Coinsilium to maximise its potential.  This strategic review concluded in December 2020, identifying the Open Finance and NFT market segments as emerging blockchain technology opportunities with significant growth and revenue generating potential. The Open Finance and NFT sectors were also recognised to be sectors where Coinsilium is well-positioned to play to its strengths, given its strong industry profile, relationships and global partnership network. Although the findings of the strategic review were announced towards the end of the year, much progress was made in 2020 which has enhanced the Company's prospects and ensured that it entered 2021 in a very strong position.  This progress included various agreements and partnerships to ensure that Coinsilium is well positioned to take advantage of the very sizable opportunities that are now open to it. 

 

Partnerships and Agreements: strengthening our geographic footprint and enhancing our technology offering

 

IOV Labs ("IOV") - In January 2020, Coinsilium entered into a Strategic Investment Agreement and signed a Memorandum of Understanding with IOV Labs, a Gibraltar registered company and parent to RSK, the developers of the first smart contract platform secured by the Bitcoin network.  IOV completed an investment of GBP250,001 by way of a private placement in the Company, subscribing for 9,434,000 new ordinary shares of no-par value ("Ordinary Shares") at 2.65p per share. In July 2020, Coinsilium announced an update regarding this Joint Venture Agreement (JVA) with IOV Labs to establish a Joint Venture Company (JVC) in Singapore.  Under this agreement, each shareholder holds 50% of the total shares of the JVC at incorporation with the JVC financed by IOV by way of a loan which is to be repaid from the future revenues of the JVC.

 

In December 2020, Coinsilium announced it completed a follow-on investment agreement with IOV Labs Ltd and an expansion of the geographical scope of the IOV Labs Asia Joint Venture Company from regional to worldwide. IOV invested GBP330,000 in Coinsilium by way of a private placement, subscribing for 11,000,000 new ordinary shares of no-par value (the "Subscription Shares") at 3p per share. One warrant was subsequently issued for every two shares subscribed for, with an exercise price of 4.5p per new ordinary share, and a life to expiry period of two years from the admission of the Subscription Shares.

 

Indorse Pte. Ltd. ('Indorse').  In August 2020 Coinsilium announced its appointment as an advisor to Indorse in respect to its forthcoming initiative to revive the token economics of its IND token through a new DeFi based model. 

 

RedFOX Labs Joint Stock Company ("RedFOX").  In December 2020, Coinsilium was pleased to report that, in line with the Company's new business development strategy, its wholly owned subsidiary Coinsilium (Gibraltar) Limited concluded a Technical Development and Support Agreement with Vietnam-based RedFOX Labs Joint Stock Company ("RedFOX"), to support the creation of a range of Virtual Asset and Digital Collectible marketplaces and to facilitate the trading of Non-Fungible Tokens (NFTs) across various prospective market sectors.

 

The Gibraltar Philatelic Bureau Ltd. In December 2020, Coinsilium announced that it had concluded an agreement with The Gibraltar Philatelic Bureau Ltd for the creation of a commemorative limited edition Cryptocurrency Postage Stamp to be released in Q2 2021. The Crypto Postage Stamp is to be tied to the release of a blockchain based Digital Collectible, or non-fungible token ('NFT') counterpart, to be exclusively produced by Coinsilium in collaboration with Vietnam-based RedFOX Labs Joint Stock Company.

 

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