iMining Blockchain and Cryptocurrency Inc.

  • ISIN: CA45250F1080
  • Land: .

Nachricht vom 22.10.2019 | 22:05

iMining Enters into LOI to Acquire Crypto-Mining Facility

DGAP-News: iMining Blockchain and Cryptocurrency Inc. / Key word(s): Miscellaneous

22.10.2019 / 22:05
The issuer is solely responsible for the content of this announcement.


Vancouver, British Columbia--(Newsfile Corp. - October 22, 2019) - iMining Blockchain and Cryptocurrency Inc. (TSXV: IMIN) (the "Company" or "iMining") announces that it has signed a non-binding Letter of Intent with Future Farm Developments Ltd., ("Future Farm") for iMining to acquire all of Future Farm's interests in its crypto-mining facility near Merritt, British Columbia (the "Transaction"), in consideration of iMining paying US$75,000 and issuing 10,000,000 common shares (the "Payment Shares"). The Transaction will include all of the assets of the crypto-mining facility as well as new crypto-mining equipment yet to be purchased, the installation and start-up of the upgraded crypto-mining facility, and the provision by way of service contract with Future Farm for 12 months of support and technical service following the start-up of the upgraded facility.

The US$75,000 is refundable in the event a Definitive Agreement is not concluded within 60 days. Payment Shares will only be issued upon closing of a definitive agreement and will be subject to resale restrictions over a 12-month period, and further resale restrictions as may be required by the TSX Venture Exchange ("TSXV").

Closing of the Transaction is subject to a number of conditions precedent, including (i) approval of the TSXV, and (ii) iMining raising a minimum of $750,000 so as to finance the acquisition of new crypto-mining equipment and the first year of operations.

Consequently, iMining will undertake a private placement financing to raise up to $900,000 through the issuance of 12,000,000 units at $0.075 per unit, each unit to consist of one common share and one-half of one share purchase warrant exercisable at $0.15 for 24 months from the date of issue. Finders' fees may be payable on this financing.

ON BEHALF OF THE BOARD

iMining Blockchain and Cryptocurrency Inc.
Signed "Robert Eadie"

Robert Eadie, President & Chief Executive Officer
FOR FURTHER INFORMATION PLEASE CONTACT:
Telephone: 1-604-602-4935
Facsimile: 1-604-602-4936
Email: investor@imining.com
Website: www.imining.com
Contact: Robert Eadie

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/49011

Click on, or paste the following link into your web browser,to view the associated documents http://www.newsfilecorp.com/release/49011
News Source: Newsfile


22.10.2019 Dissemination of a Corporate News, transmitted by DGAP - a service of EQS Group AG.
The issuer is solely responsible for the content of this announcement.

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