The TSX Venture Exchange has accepted for filing a purchase order dated Jan. 3, 2018, between the company and BitRig Technology Inc., whereby, pursuant to a purchase and exclusive supply agreement dated Nov. 18, 2017, the company has agreed to purchase mining rigs exclusively through BitRig. The company has purchased and received delivery of 3,000 cryptocurrency mining rigs for total consideration of $12,985,076 (U.S.), consisting of cash consideration of $10,485,076 (U.S.) and the issuance of 15 million common shares of the company at a deemed value of $2.5-million (U.S.). The company retains the right to purchase an additional 2,000 rigs pursuant to the purchase order for up to a total of 5,000 rigs.
The transaction was arm's length in nature and there were no finders' fees.
Please refer to the company's news releases dated Jan. 4, 2018, and April 4, 2018.
Insider/pro group participation: nil
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