Bluesky Digital Assets Corp. Debt Settlement and Corporate Update
Toronto, Ontario--(Newsfile Corp. - March 31, 2023) - Bluesky Digital Assets Corp. (CSE: BTC) (OTCQB: BTCWF) ("Bluesky" or the "Corporation") announced today that it has settled an aggregate debt of $492,350 owed to certain creditors and consultants of the Corporation through the issuance of 17,557,884 common shares in the capital of the Corporation ("Common Shares"), which consisted of the issuance of: (i) 6,877,180 Common Shares at a deemed price of $0.025 per Common Share on January 10, 2023 (ii) 1,629,170 Common Shares at a deemed price of $0.03 per Common Share on January 10, 2023, (iii) 1,666,666 Common Shares at a deemed price of $0.03 per Common Share on January 30, 2023, (iv) 814,585 Common Shares at a deemed price of $0.03 per Common Share on February 3, 2023, and (v) 6,570,283 Common Shares at a deemed price of $0.03 per Common Share on March 13, 2023 (the "Debt Settlement"). The Debt Settlement has improved the Corporation's balance sheet.
All securities issued under the Debt Settlement are subject to a hold period of four months and one day from their issuance, in accordance with applicable securities legislation and the policies of the Canadian Securities Exchange.
Update on the Cryptocurrency Mining Operations in Texas
Effective February 1, 2023, the Corporation has terminated its cryptocurrency mining operations in the State of Texas as a result of an increase in hydro consumption costs by approximately 150%, as informed on October 25, 2022, and the potential introduction of a 30% consumption tax on electrical usage by cryptocurrency miners, as proposed by the federal regulators ("Hydro Consumption Costs"). In connection with Hydro Consumption Costs and increased difficulty in mining of Bitcoin, the Corporation decided to relocate its cryptocurrency mining equipment to Canada for its other operations, including Bluesky INTEL and Bluesky DEFI. The Corporation completed the relocation of equipment on March 9, 2023.
About Bluesky Digital Assets Corp.
Bluesky Digital Assets Corp, is building a high value digital currency enterprise. Bluesky mines digital currencies, such as Bitcoin and Ether, and is developing value-added technology services for the digital currency market, such as proprietary technology solutions. Offering a complete ecosystem of value-creation, Bluesky is targeting reinvesting appropriate portions of its digital currency mining profits back into its operations. A percentage of the profit will be invested in the development of a proprietary Artificial Intelligence ("AI") based technology. Overall, Bluesky takes an approach that enables the Corporation to scale, and respond to changing conditions, within the still-emerging Blockchain industry. The Corporation is poised to capture value in successive phases as this industry continues to scale.
For more information please visit Bluesky at: https://www.blueskydigitalassets.com.
Please also follow us on Linkedin at: https://www.linkedin.com/company/bluesky-digital-assets/.
For further information please contact:
Mr. Ben Gelfand
CEO & Director
Bluesky Digital Assets Corp.
T: (416) 363-3833
Mr. Frank Kordy
Secretary & Director
Bluesky Digital Assets Corp.
T: (647) 466-4037
Information set forth in this news release may involve forward-looking statements under applicable securities laws. The forward- looking statements contained herein are expressly qualified in their entirety by this cautionary statement. The forward-looking statements included in this document are made as of the date of this document and the Corporation disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as expressly required by applicable securities legislation. Although management believes that the expectations represented in such forward-looking statements are reasonable, there can be no assurance that such expectations will prove to be correct. This news release does not constitute an offer to sell or solicitation of an offer to buy any of the securities described herein and accordingly undue reliance should not be put on such. Neither CSE nor its Regulation Services Provider as that term is defined in the policies of the CSE accepts responsibility for the adequacy or accuracy of this release. We seek safe harbor.
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