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Igraine PLC on Tuesday said it has raised more than £7 million to support its expansion into cryptocurrency treasury management alongside its existing focus on alternative energy.
The London-based investor in healthcare and life sciences said it secured £7.2 million through a combination of a placing and direct subscription at £0.0025 per share, issuing around 2.86 billion new shares.
The fundraising, one of the largest completed by an Aquis company in over two years, according to Igraine, remains subject to shareholder approval at a forthcoming general meeting.
Investors in the fundraise will receive one warrant for each new share subscribed, exercisable at the issue price after a one-year lock-in period and valid for two years.
Igraine said the fresh capital will also back its new ethereum treasury management strategy. The policy will allow the company to allocate funds into Ethereum, aiming to ‘preserve long-term value, enhance capital efficiency, and align treasury management with evolving market opportunities.’
Chief Executive Officer David Levis called the proposals ‘transformational,’ saying the fundraising positions Igraine at ‘the forefront of the nascent UK-listed cryptocurrency marketplace.’
Shares in Igraine were down 7.1% at 0.325 pence in the Aquis Stock Exchange in London on Tuesday afternoon.
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