Circle Oil Tunisia Limited (“COTL”)
Zafar Karim, Executive Chairman talks about the Circle Oil deal and crowd for angels investing in the Crypto space.
Legendary report on progress at COTL. Legendary converted its stake in its Kyrgyz gold asset to shares in COTL in late December 2017, following which, COTL was acquired by Dunraven Resources Limited (“Dunraven”) in a share swap. This has resulted in Legendary having a 2.0% stake in Dunraven. COTL is now a 100% owned subsidiary of Dunraven which holds the Mahdia Permit in the Gulf of Hammamet offshore Tunisia.
CfA’s Liquid Crypto Bond (“Bond”) issue and Initial Coin Offering (“ICO”), launched at the end of 2017, will see the majority of up to 5 billion “ANGEL tokens” (“Tokens”) issued to investors. The Tokens, which are being issued as a reward for investing in the Bonds and, to provide liquidity, have been listed on the crypto currency exchange GetBTC. The Tokens are currently trading at a price of approximately 1.7 million Tokens to 1 Bitcoin.
Tony De Nazareth, CEO & Founder of Crowd for Angels (UK) Ltd, commented:
“We are delighted that the successful Initial Coin Offering has progressed as planned. The ANGEL tokens themselves have been well received by investors, provided us with new, cost efficient ways to market our services and provided the backbone of new product launches. We look forward to reporting on further growth in the coming weeks and months.”
Zafar Karim, Executive Chairman of Legendary Investments PLC, commented:
“We are pleased at the progress Crowd for Angels has made in the six months since Legendary’s investment. Its innovative nature, attested to by its track record, is helping grow and drive its business forward.
“As the investment was made in December 2017, after the date of Legendary’s interim results, the interim balance sheet does not include this investment, valued at the time of the investment, using the historic cost or latest transaction value at £360,000. With the successful ICO, three-fold growth in website visitor figures and a rise in ranking from number 5 to number 3, there has been significant progress. We look forward to further news from Crowd for Angels.”
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