iMining Completes Acquisition of BitBit Financial
Vancouver, British Columbia--(Newsfile Corp. - July 13, 2021) - Further to its press release of May 26, 2021, iMining Blockchain and Cryptocurrency Inc. (TSXV: IMIN) (the "Company" or "iMining") is pleased to announce that it has closed the transaction to acquire all of the issued and outstanding shares of BitBit Financial Inc. ("BitBit Financial") (the "Acquisition").
On July 12, 2021 ("Closing"), the Company issued its Treasury Order for 10,000,000 common shares in the capital of the Company ("Shares") to be delivered to the shareholders of BitBit, in exchange for acquiring all of the outstanding shares of BitBit, such that BitBit became a wholly owned subsidiary of iMining. No new control block was created as a result of the Acquisition. All of the shareholders of BitBit have entered into voluntary lock-up agreements pursuant to which the Shares issued to them will become free-trading as to 25% on Closing and an additional 25% every three months thereafter.
As one of the conditions of the Acquisition, upon TSX Venture Exchange acceptance of BitBit's nominee, BitBit has the right to appoint a director to iMining's Board, and an announcement is expected shortly.
"With the recent closing of BitBit, we are very excited about this opportunity to revolutionize the fintech industry. We believe that the recent acquisition of BitBit financial will open the door to massive opportunities such as lending, and the regulated exchange of digital currencies. BitBit Financial is a key piece in connecting the digital asset industry to the traditional finance sector. This acquisition will also allow us to empower everyday investors globally, and this is just the beginning," said Khurram Shroff, the Chairman and CEO of iMining.
BitBit Financial is a private company which sells digital goods and services. BitBit is registered with the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC) as a money service business dealing in virtual currencies with registration number M21068159. BitBit has a virtual currency ATM Network and is working on developing a digital asset exchange trading platform which will provide users the easiest and safest way to buy and sell virtual currencies.
"I'm very excited to become a part of the iMining ecosystem," said Roman Rana, the CEO of BitBit Financial. "iMining is on the frontier of the digital asset space and with their support I look forward to taking BitBit Financial to new heights."
The Company also announces that it will be seeking regulatory approval to change its name from iMining Blockchain and Cryptocurrency Inc. to iMining Technologies Inc. to better reflect the diverse businesses under the iMining umbrella and future synergistic acquisitions.
About iMining Blockchain and Cryptocurrency Inc.
iMining is a growth-oriented, TSXV listed company, focused on linking traditional capital markets with blockchain investment opportunities. Through its wholly-owned subsidiary, the company provides retail and institutional investors a safe and secure way to stake Ethereum 2.0 using proprietary and secure proof of stake methods. We are driven by our core values to operate with transparency, efficiency, and sustainability as we work toward building long-term shareholder value.
ON BEHALF OF THE BOARD
Signed "Khurram Shroff"
Khurram Shroff, Chairman, President & Chief Executive Officer
FOR FURTHER INFORMATION, please contact:
iMining Corporate Offices:
Robert Eadie, Director
Telephone: 1-604-602-4935 ♦ Facsimile: 1-604-602-4936
Toll Free: 1-866-602-4935
Evan Eadie, Corporate Development
Telephone: (604) 602-4935 ext. 203
Toll Free: 1-866-602-4935
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.
This news release contains certain forward-looking statements, which relate to future events or future performance (including, but not limited to, future business operations of BitBit) and reflect management's current expectations and assumptions, and are based on assumptions made by and information currently available to the Company. Readers are cautioned that these forward-looking statements are neither promises nor guarantees, and are subject to risks and uncertainties that may cause future results to differ materially from those expected including, but not limited to, market conditions, availability of financing, actual results of BitBit's activities, future cryptocurrency prices, operating risks, and other risks in the cryptocurrency industry. All the forward-looking statements made in this news release are qualified by these cautionary statements and those in our continuous disclosure filings available on SEDAR at www.sedar.com. These forward-looking statements are made as of the date hereof and the Company does not assume any obligation to update or revise them to reflect new events or circumstances save as required by applicable law.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/90025