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Hive Blockchain to acquire 50 MW in green power

2020-11-23 08:40 ET - News Release

Mr. Frank Holmes reports

HIVE BLOCKCHAIN HAS ENTERED INTO AN AGREEMENT TO BUY GPU.ONES NEW 50 MW CAMPUS OF DATA CENTRES IN NEW BRUNSWICK

Hive Blockchain Technologies Ltd. has entered into a non-binding, exclusive memorandum of understanding with GPU.One Holding Inc. to expand Hive's Canadian footprint through the potential purchase of GPU Atlantic Inc.

Pursuant to the MOU, Hive would purchase 100 per cent of the GPU Atlantic shares. The eventual purchase price is dependent on the negotiation of a definitive agreement, including a formal purchase agreement, and the completion of a satisfactory due diligence process.

"We are excited about this opportunity for Hive to expand our Canadian footprint through the acquisition of this data centre campus which has access to 50 megawatts (MW) of low-cost green power in Grand Falls, N.B.," said Frank Holmes, interim executive chairman of Hive. Mr. Holmes added, "Further, and important to building our vision, is the GPU.One team of young, skilled and proven data centre professionals with deep high-density data centre build-out and maintenance experience who will take on executive positions within Hive's organization."

In connection with this proposed transaction, the company has retained Canaccord Genuity Corp. to act as adviser and assist with due diligence.

About GPU Atlantic Inc.

GPU Atlantic has recently constructed a new and state-of-the-art 50-megawatt data centre campus located in New Brunswick, Canada. The campus contains GPU.One's own private 50-megawatt substation along with two data centre facilities. The campus also provides for space, electrical capacity and materials to continue its pursuit of growth within the existing infrastructure.

About Hive Blockchain Technologies Ltd.

Hive Blockchain Technologies is a growth-oriented, TSX Venture Exchange-listed company building a bridge from the blockchain sector to traditional capital markets. Hive owns state-of-the-art green energy-powered data centre facilities in Canada, Sweden and Iceland which produce newly minted digital currencies like bitcoin and Ethereum continuously on the cloud. The company's deployments provide shareholders with exposure to the operating margins of digital currency mining as well as a portfolio of crypto-coins. This is another key step in building the company's vision to have 1,000 petahashes of bitcoin mining capacity over the next 12 months.

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