First Growth Funds secures $15m from HCASH

By Justin Ware. Published at Sep 10, 2018, in Small Caps

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.

Of course as with any stock, you should consider your personal circumstances before making an investment decision and seek professional financial advice if considering any of the stocks listed on this article for your portfolio.

“We are growing FGF’s newly established Digital Currency Advisory Business Unit to build a strong and sustainable revenue model. This revenue will complement our invest income from capital gains, dividends and token sales,” he said.

HCash founder Ryan Xu, “HCash is pleased to provide funding and also to assist listed companies leverage blockchain technology to increase their competitive advantage, reduce operating cost and secure more customers.”

S3 Consortium Pty Ltd (CAR No.433913) is a corporate authorised representative of LeMessurier Securities Pty Ltd (AFSL No. 296877). The information contained in this article is general information only. Any advice is general advice only. Neither your personal objectives, financial situation nor needs have been taken into consideration. Accordingly you should consider how appropriate the advice (if any) is to those objectives, financial situation and needs, before acting on the advice.

Conflict of Interest Notice

S3 Consortium Pty Ltd does and seeks to do business with companies featured in its articles. As a result, investors should be aware that the Firm may have a conflict of interest that could affect the objectivity of this article. Investors should consider this article as only a single factor in making any investment decision. The publishers of this article also wish to disclose that they may hold this stock in their portfolios and that any decision to purchase this stock should be done so after the purchaser has made their own inquires as to the validity of any information in this article.

Publishers Notice

The information contained in this article is current at the finalised date. The information contained in this article is based on sources reasonably considered to be reliable by S3 Consortium Pty Ltd, and available in the public domain. No “insider information” is ever sourced, disclosed or used by S3 Consortium.

Thanks for subscribing!