Mr. Patrick Gray reports
HASHCHAIN TECHNOLOGY COMPLETES PREVIOUSLY DISCLOSED ACQUISITION OF 5,000 RIGS
Hashchain Technology Inc. has closed its
of two cryptocurrency mining companies contributing an aggregate total of 5,000 more Antminer S9 rigs to Hashchain's existing
rigs. Hashchain acquired all of the issued and outstanding shares of the target for an aggregate of 55 million Hashchain shares at a deemed price of 35 cents per share for a total aggregate deemed value of $19.25-million.
Purchase price allocation:
5,000 rigs at $1,500 per rig equals $7.5-million;
7.5 megawatts installed for $700,000 per MW equals $5.25-million;
- Five-year commitment from the existing targets' management at $300,000 per year equals $1.5-million;
15 MW facility commitment for four years equals $2-million;
Goodwill equals $3-million.
Terms of the agreement:
- 22 million Hashchain shares issued on the closing date of the acquisition;
- 11.25 million Hashchain shares issued on the date the 5,000 rigs are installed in a Hashchain mining facility;
- 5.25 million Hashchain shares 90 days from the closing date;
- 16.5 million Hashchain shares 120 days from the closing date.
"With these acquisitions, Hashchain continues to build its substantial repository of cryptocurrency mining rigs," says Patrick Gray, chief executive officer of Hashchain. "We are currently installing the remaining 4,000 rigs in our mining facility, which upon expected completion at the end of the month will net us 9,495 rigs operating at 14 megawatts of power."
About Hashchain Technology Inc.
Hashchain is a blockchain company and the first publicly traded Canadian cryptocurrency mining company to file a final prospectus supporting highly scalable and flexible mining operations across all major cryptocurrencies. Hashchain taps low-cost North American power, cool climate and high-speed Internet: the trifecta most critical to mining success, to create a competitive position for maximizing the number of mining wins. Hashchain currently operates 100 dash mining rigs and 4,395 bitcoin rigs with an additional 5,000 to be deployed upon successful completion of its recently announced acquisitions. Once all rigs are operational Hashchain will be consuming approximately 14 megawatts of power.
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