Hamak Gold Limited Turns to Bitcoin Treasury Management Strategy

LONDON—(Hamak Gold Limited) reported a significant shift in strategy, moving towards a Bitcoin treasury management policy following a substantial capital raise. The move contributed to a 6% rise in its shares.

To fund this pivot, Hamak Gold raised £2.47 million through a placing and subscription exercise. New shares were priced at 0.8p, representing a 27% discount to the closing price on July 2.

As part of the transaction, 308,375,000 new ordinary shares were issued, diluting existing shareholders’ stakes, with the new shares comprising 68.2% of the enlarged share capital.

Each new share included a free 1-for-1 warrant exercisable within two years at the issue price. Existing shareholders received warrants based on holdings as of July 2.

Workaround for UK Listing Regulations

The share issuance encountered regulatory hurdles under UK listing rules, which typically require an FCA-approved prospectus for direct share admission.

A workaround involved temporarily allocating shares to interim directors Nick Thurlow (now Executive Chairman) and James Lawrence (now Executive Director). They subsequently pledged to resell 283 million shares to investors at the original lower price.

This approach is viewed as a potential regulatory template for other listed companies seeking similar capital raises for digital assets.

Leadership Changes and Institutional Interest

The announcement follows the resignation of Executive Chairman Amara Kamara and Non-Executive Director Niall Young. Nick Thurlow and James Lawrence have now assumed these executive roles.

Mr. Thurlow, previously CFO of Dubai-based MBS Global Investments—a firm linked to the Qatari royal family—brings relevant experience.

During the fundraising round, MBS Global Investments contributed £100,000. This investment is seen as providing significant institutional credibility to Hamak’s digital asset strategy.

The participation also underscores growing interest in holding digital assets via UK-listed entities among Middle Eastern investors.

Company Comments

Hamak Gold’s Executive Chairman Nick Thurlow commented:

“With the injection of additional capital, we are now well-positioned to pursue two core objectives in parallel: Maximising our gold exploration opportunities and leading the UK market in bitcoin treasury management as a Main Market-listed company.”

Moving Forward

The necessary documentation has been filed with the UK Financial Conduct Authority (FCA) and the London Stock Exchange for the listing of the new shares under the equity shares (transition) mechanism. Trading flexibility is anticipated shortly.

Broader Trend

This development is not isolated. Hamak follows several UK-listed peers that have recently announced diversifying their treasuries with Bitcoin.

Panther Metals: Bought its first Bitcoin after reporting losses.
Bluebird Mining Ventures: Raised £2 million debt to buy Bitcoin, seeking further funding.
Vinanz: Previously a Bitcoin mining firm, has grown its reserves to $3.85 million.
Smarter Web Company: Market cap increased following an earlier Bitcoin treasury announcement.

While following the example set by Michael Saylor’s Strategy firm (U.S.), Hamak’s approach highlights the European angle in the emerging trend of Bitcoin corporate treasury strategies.