Valereum Plc, the Gibraltar technology group, is pleased to provide an update on the acquisition of the GSX.
We have agreed a revised timetable with the GSX and the Gibraltar Financial Services Commission (“GFSC”) which provides an extended closing date of the 31st August 2023. The primary purpose of this is to ensure sufficient handover time to organise the closing process with the GSX and also to comply fully with GFSC requirements.
The payment for the second tranche of the GSX providing 100% ownership has been agreed at £750,000.
We have been pursuing financing in both UK and North America. We have a funding commitment from a fund in North America conditional only on the closing of their new fund. This is anticipated in the next few weeks.
Richard Poulden, Valereum’s Chairman, said: “We remain committed to the creation of a Stock Exchange which can transform the financial services industry in Gibraltar. We look forward to the final stages to make this a reality”.
The Directors of the Company accept responsibility for the contents of this announcement.
