December 11, 2017 / 2:41 PM / 8 months ago

BUZZ-Riot Blockchain: Jumps on deal to list its blockchain unit

** Riot Blockchain jumps 20 pct to $19.05 on a deal to list its unit that is developing a blockchain-based secure payment platform

** Riot says signed a deal to combine its 52 pct-controlled unit Tess Inc with Cresval Capital Corp, which will lead to TessPay Inc being listed on the TSX Venture Exchange

** Cresval will continue to hold all its resource properties and liabilities, with its shares listed separately on the TSXV; trading in its stock halted

** TessPay to complete a private placement of an unsecured convertible note for gross proceeds of up to $3.5 mln

** “TessPay’s public listing is the next step forward as we develop our blockchain assets,” says RIOT CEO John O’Rourke

** Tess CEO says taking co. public gives it access to traditional capital markets and fosters transparency, accountability

** RIOT among beneficiaries of bitcoin’s surge this year; it has bought stakes in blockchain firms in past two months and said last month it would buy 1,200 bitcoin mining machines

** RIOT up 450 pct this year, including nearly doubling in November (Reporting by Savio D’Souza)

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