First Growth Funds secures $15m from HCASH
First Growth Funds Limited (ASX:FGF) will assist blockchain group HCash, investing up to $15m in some of the most innovative companies on the ASX.
HCash possesses its own unique blockchain tech similar to Bitcoin and Ethereum, possessing a market cap of $150m. Subject to regulatory approval, HCash will invest $15m of HCash digital currency in ASX listed companies
Under the terms of the placement there is no dilution or direct investment in FGF, instead the company will act as a broker and receive 6% or up to $900k in fees for facilitating the investments (FGF may also invest its own capital).
On 17 July 2018, FGF successfully facilitated the investment of Penta Global tokens in ASX:CT1, with the investment being structured to limit the risk of token price volatility. The company intends to structure any HCash investments in a similar manner to ensure shares are issued to HCash when its digital currency is converted to AUD and banked.
FGF Executive Director Anoosh Manzoori commented on the news, “FGF is excited to be working with HCash and supporting local Australian innovative companies that are seeking capital to expand.”
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