LONDON (ShareCast) - (ShareCast News) - Technology-focused investment company Blue Star Capital announced on Monday that it has entered into a conditional agreement to subscribe for an amount of €0.64m in UK-incorporated private nano payment software and blockchain company SatoshiPay.
The AIM-traded firm said it has conditionally subscribed for 1,886 ordinary shares of SatoshiPay at a price of €340 per SatoshiPay share.

SatoshiPay reportedly expects to raise a total of approximately €1m in aggregate during the funding round, including the SatoshiPay subscription and funding from other third party investors, which if completed would result in Blue Star having an interest of around 10.68% and would value SatoshiPay at about €6m following this fundraise.

In order to complete the SatoshiPay Subscription, Blue Star said it is seeking to raise gross proceeds of up to £0.7m through the issue of up to 466,666,667 new ordinary shares of 0.1p each in Blue Star at a price of 0.15p per ordinary share.

The company said it has received indications of interest from investors which would be sufficient to complete the placing, which launched immediately following the announcement.

"We are delighted to be investing in SatoshiPay at this exciting stage in its development," said Blue Star CEO Tony Fabrizi.

"We believe the market opportunity for SatoshiPay is potentially vast and we look forward to working with SatoshiPay's management to help maximise this opportunity."

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