Connecting Excellence raises £600,000 for Bitcoin treasury
Connecting Excellence Group Plc has secured £600,000 through a share subscription to finance its Bitcoin treasury, acquisition strategy, and hiring initiatives. Strategic investor Adam Back contributed one-third of the total proceeds.
The international executive recruitment firm issued 39,999,999 new shares at 1.50p each. This pricing represented a 3.4% premium to the Monday closing mid-market price of 1.45p.
The raised capital may also support Connecting Excellence's proposed acquisition of a specialist recruitment business currently holding 8.216 Bitcoin. Announced earlier this month, the transaction remains subject to further legal and financial due diligence, funding arrangements, and the execution of a definitive share purchase agreement.
Chief executive Scott Ellam stated that the fundraising attracted institutional participation alongside continued backing from Back. Ellam noted that investors are starting to accept the company's approach of buying profitable owner-managed recruitment firms while keeping a Bitcoin reserve.
Back subscribed £200,000 for 13,333,333 shares in the transaction.
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