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360 Blockchain increases placing to C$3mln

Last updated: 15:00 07 Feb 2018 EST, First published: 03:01 07 Feb 2018 EST

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360 Blockchain has amended and increased the financing

360 Blockchain Inc (CSE:CODE), the blockchain-focused group, has increased its previously announced placing to raise C$3mln.

As reported on January 30, the firm was set to bring in C$2mln through a placing, for working capital and potential business investments.

READ: 360 Blockchain issues options over 6.6mln shares

It is now offering up to C$3mln by the issue of units at 10 cents each

Each unit consists of one share and one warrant, with each warrant entitling the holder to subscribe for one additional share for 15 cents for two years.

The firm retains the right to accelerate the expiry date if shares of the company trade at 30 cents or above for 10 trading days.

Earlier this year, 360 closed its previously announced acquisition of 60% of Silicon Valley-based SV CryptoLab.

It has the option to purchase the remaining 40% for US$75,000.  The company paid US$250,000 and issued 5,000,000 shares.

During working hours, SV CryptoLab is a cutting-edge facility open to the public and blockchain and cryptocurrency enthusiasts are invited to attend weekly meets and hackathons free of charge.

But on nights and weekends, the facility’s hardware is dedicated to mining cryptocurrency, a computationally intensive process that sits at the heart of Bitcoin and other cryptocurrencies.

WATCH: 360 Blockchain to invest in cryptocurrency start-up

SV CryptoLab utilises a proprietary evaluation algorithm to determine the most attractive cloud-mining contracts.

360 Blockchain says it will focus its activity on empowering blockchain technologies applying to cryptocurrencies, smart contracts, e-sports, data management, the Internet of things, equity trading and more.

Shares were unchanged at C$0.13 each.

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