Placing

The board of Quantum Blockchain Technologies Plc (AIM: QBT) is pleased to announce that it has today raised £2,000,000 (before expenses) through the placing of 133,333,333 new ordinary shares of 0.25 pence each in the Company (“Placing Shares”) at a price of 1.5 pence per Placing Share (the “Placing”).

The net proceeds of the Placing will be used by the Company to further invest in its Research and Development (“R&D”) programme, principally through the expansion of the R&D team, the purchase of additional hardware and an increase in software development. Funds will also be allocated towards the Company’s ongoing legal claims in respect of their legacy investments and provide general working capital.

Francesco Gardin, Executive Chairman and CEO of QBT, commented:

“We are extremely pleased to have completed this £2 million fundraise, as we believe it will fund the Company through to revenue.

“The Placing provides QBT with the opportunity to set up its cloud service infrastructure, most likely in North America, to enable the deployment of Method A and Method B as a SaaS product for the bitcoin mining market. We predict revenue will be generated either by charging subscription fees for each mining rig served, or by sharing the extra mined bitcoins, as a result of the miner using QBT’s technology, or a combination of the two.

“We therefore believe that this opportunity significantly outweighs any short-term effect caused by the additional shareholder dilution.”

Admission & Total Voting Rights

Application has been made for the 133,333,333 Placing Shares to be admitted to trading on AIM with admission expected to occur on or around 2 November 2023 (“Admission”). The Placing Shares will rank pari passu with the Company’s existing ordinary shares.

Following Admission of the Placing Shares, the Company’s enlarged issued share capital will comprise 1,291,313,755 ordinary shares of 0.25 pence each. This figure may be used by shareholders as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change in their interest in, the share capital of the Company under the FCA’s Disclosure and Transparency Rules.