Proactive Investors - Quantum Blockchain Technologies PLC (LON:QBTQ) said it has raised £1mln by way of a placing, with funds used to continue its research and development programmes.
Some 71mln shares were sold at 1.4p each, according to a statement.
Funds will be used to continue R&D, particularly in the development of its bitcoin mining machine learning algorithms and software product release, it said.
Net proceeds will also be put aside for the development of its North American business activities and provide general working capital, it said.
“We are pleased to have performed this placing, which secures the funds to continue implementing the development of the company’s cutting-edge proprietary technologies,” said chairman and chief executive Francesco Gardin.