LONDON: Upper Thames Holdings announced several significant developments today that will see a move towards an exciting future into the global Blockchain sector.
Excluding derivatives, the global crypto currency markets are now around USD1.5 trillion dollars. To put this in context there are only 16 stock exchanges in the world with a value over USD1 trillion dollars which together account for nearly 90% of the value of all world exchanges.
The main focus for UPPT is the linking of conventional, mainstream currency products denominated in, for example USD and GBP, into the world of crypto currencies. The linking of the two ecosystems rather than seeing them as competition opens up a range of new opportunities.
Products will thus cover concepts such as the trading of USD or GBP securities on crypto exchanges and the trading of physical property on blockchain structures.
To this extent, The Company has terminated its non-binding heads of terms with Ridercam AB, as announced on 22 December 2020.
Richard Poulden, UPPT’s Chairman commented: “This is a very exciting move for Upper Thames, and we plan to enter a sector that is a major opportunity in the crypto and blockchain market. We have identified the right pool of intellectual capital and technology partners to roll out our strategy and look forward to updating the market as material events occur.
Tesla shares already trade as a crypto derivative on the Bittrex Global exchange in Bermuda. From our discussions with Bittrex we believe that this can be extended to cover a range of shares and other instruments providing a bridge between these large pools of funding”.
Upper Thames further announces that it has received firm placing commitments for a total of £516,000 through a private placement to a series of investors.
Following the Placing, the Company will issue 51,600,000 new ordinary shares of 0.1 pence each at a price of 1.0 pence per share. The proceeds of the Placing will be used for general working capital and to fund and accelerate its new business strategy.
Application will be made for the new shares, which will rank pari passu with the existing Ordinary Shares in issue, to be admitted to trading on the AQSE Growth Market. Dealings are expected to commence on or around 22 February 2021 and the issue is subject only to Admission.
The Company’s total issued and voting share capital upon admission of the new Ordinary Shares will consist of 64,044,882 Ordinary Shares. 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 to their interest in, securities of the Company.
Company also announced that Peterhouse Capital Limited has been appointed as the Company’s AQSE Growth Market Corporate Adviser with immediate effect.