In a corner office on the 49th floor along Bay Street, you may hear investors happily shouting, “Show me the Goldmoney!”
The Toronto-based financial service Goldmoney has announced $30 million CAD in financing after entering an agreement with a syndicate of underwriters led by GMP Securities as well as Mackie Research Capital Corporation. They have agreed to purchase just under seven million shares of Goldmoney on a bought deal private placement basis. The price-per-share is $4.30 and totals an aggregate gross proceed of $30 million.
These shares will most likely be offered to accredited investors in every province except Quebec on a four-month hold period. They will also be offered to U.S. investors on a private placement basis.
This total offering is expected to close on October 25 and is still subject to approval from the TSX.
These proceeds will go towards further funding development of the blockchain custodial architecture of Goldmoney’s new BlockVault Inc. subsidiary and the ColdBlocks offering. This new financing comes at a time when Goldmoney is diving headfirst into cryptocurrency by offering Bitcoin and Ethereum to their holdings.
ColdBlocks is a “cryptographic innovation for the reification of blockchain cryptocurrencies into institutional-grade investable assets.” It serves to solve blockchain concerns including regulatory compliance issues and a lack of custodial transparency. Storing cryptocurrency in “cold storage” typically refers to storing it in offline reserves.
Goldmoney is a precious metal and cryptocurrency investment services and is publicly traded on the TSX, safeguarding nearly $2 billion in assets for clients in over 150 countries.