08:24:08 EDT Thu 28 Mar 2024
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DMG Blockchain Solutions Inc
Symbol DMGI
Shares Issued 167,256,377
Close 2022-09-30 C$ 0.24
Market Cap C$ 40,141,530
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DMG Blockchain begins trading on Bosonic Network

2022-10-03 13:00 ET - News Release

Mr. Sheldon Bennett reports

DMG BLOCKCHAIN SOLUTIONS GOES LIVE ON THE BOSONIC NETWORK; PROVIDES SEPTEMBER MINING RESULTS

DMG Blockchain Solutions Inc. has been onboarded and is now actively trading on the Bosonic Network. Using Bosonic's decentralized Financial Market Infrastructure (dFMI) technology, DMG is exchanging its bitcoin to fiat currency at a lower cost with lower risk versus traditional exchanges. In addition, DMG is working with Bosonic to offer its dFMI technology to all Terra Pool members.

DMG, the developer of Terra Pool (www.terrapool.io), is bringing together bitcoin miners to create carbon-neutral bitcoin. DMG recently opened Terra Pool to the general Bitcoin mining public and announced the development of a marketplace of funds to access its green bitcoin. The partnership with Bosonic provides key capabilities and benefits including:

  • Cross-custodian trading and settlement of transactions from users' own custodial accounts
  • Greater security of users' bitcoin as they never touch a traditional 'exchange wallet'
  • Ability to set limit orders for buy and sell transactions
  • Real-time monitoring of the bid-ask spread from a tradable aggregation of top exchange and market maker streaming liquidity instead of intermediaries quoting and re-quoting pricing
  • Instantaneous settlement for each buy/sell transaction and extremely fast transfer of BTC/fiat
  • Self-service exchange delivering reduced fees versus traditional OTC desks

"We are excited about utilizing the Bosonic Network for the operation of our business, particularly the integration of this with our Blockseer product line which focuses on Terra Pool," commented Sheldon Bennett, DMG's CEO. "The Bosonic Network connects our custodian directly to institutional buyers with no intermediaries and offers a unique, real-time clearing and settlement infrastructure for digital asset trading. DMG has tested the exchange with over two million dollars of bitcoin sold over the past few months, and we are very happy with the results."

"We are delighted to welcome DMG Blockchain Solutions to the Bosonic Network, further expanding our ecosystem of key industry participants," Bosonic CEO Rosario Ingargiola added. "Providing institutional clients with access to carbon-neutral mined bitcoin continues our strong focus on ESG and sustainability as we build out the network's future capabilities."

September Preliminary Mining Results

In September 2022, DMG mined 77 bitcoin with 0.65 EH/s realized hashrate. For the September quarter, DMG mined 200 bitcoin. DMG's bitcoin balance as of September 30, 2022 was 344 bitcoin. DMG is on-target with respect to its original schedule for received miner deliveries for growing its hashrate to 1 EH/s by the end of calendar 2022, subject to the receipt, installation and operation of the additional miners.

Grant of Stock Options

DMG also announces the granting of 1,697,500 stock options ("Options") to directors and employees of the Company. The Options are exercisable for a period of five years at a price of $0.24 per share and will vest as to 25% on each of the six, twelve, eighteen and twenty-four month anniversary of the grant date.

About Terra Pool

Terra Pool is a cryptocurrency mining platform operated by DMG's Blockseer software company. Terra Pool is the world's first Bitcoin mining pool focused on clean energy. The purpose of this initiative is to accelerate the shift from conventional power to clean energy and reduce the impact of Bitcoin mining on the environment. Terra Pool aggregates the computing power of individual miners and then shares the received rewards and transaction fees proportionally among them so that miners are rewarded more consistently.

About DMG Blockchain Solutions Inc.

DMG is an environmentally friendly vertically integrated blockchain and cryptocurrency company that manages, operates, and develops end-to-end digital solutions to monetize the blockchain ecosystem. DMG's sustainable businesses are segmented into two business lines under the Core and Core+ strategies and unified through DMG's vertical integration.

Future changes in the Bitcoin network-wide mining difficulty rate or Bitcoin hashrate may materially affect the future performance of DMG's production of Bitcoin, and future operating results could also be materially affected by the price of Bitcoin and an increase in hashrate mining difficulty.

We seek Safe Harbor.

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