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Africa Hydrocarbons Announces Proposed Change of Business to Become Blockchain Technology Company, with Initial Focus on Mining Cryptocurrencies
(via TheNewswire) Calgary, Alberta / TheNewswire / November 23, 2017 - Africa Hydroc...
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[{"type":"text","content":"Africa Hydrocarbons Announces Proposed Change of Business to Become Blockchain Technology Company, with Initial Focus on Mining Cryptocurrencies(via TheNewswire)\n \n \nCalgary, Alberta / TheNewswire / November 23, 2017 - Africa Hydrocarbons Inc. (NFK.H: NEX | KNPRF: PNK | KRL1: STU) (the \"Company\") announces its intention to complete a \"Change of Business\" transaction (\"COB Transaction\") pursuant to the policies of the TSX Venture Exchange (the \"Exchange\"), with the result that the Company will become a blockchain technology company, listed on the Exchange. Upon completion of the COB Transaction, the Company will acquire no less than $1.3 million worth of cryptocurrency mining equipment and employ such technology in a cryptocurrency mining data center, to be located in North America, to mine Bitcoin (algorithm SHA256) and other alternative cryptocurrencies (e.g. Bitcoin Cash, Litecoin, etc.). The Company expects that if the COB Transaction is completed, and it can place the order for the aforementioned equipment, then it should be in a position to employ the equipment for cryptocurrency mining by no later than Q2 2018.\n\n \n \nSaid Douglas Wu, CEO of the Company, \"At current prices, the returns on capital to deploy mining equipment into data center facilities in low electricity cost locales, such as western Canada and Washington State, are compelling. Payback on capital equipment can be substantially less than one year at current prices. If the COB Transaction is approved, the Company will endeavor to raise additional capital to deploy not only in mining equipment but also in blockchain software businesses in sectors where management believes it has a competitive advantage.\"\n\n \n \nFinancing\n\n \n \nPrior to the completion of the COB Transaction, the Company will complete a private placement of securities for gross proceeds of no less than $2,000,000. The terms and pricing of such financing and the involvement of any agents has not yet been determined and will be dependent on various factors, including market conditions.\n\n \n \nAdditions to Board of Directors and Management\n\n \n \nIt is currently anticipated that there will be additions to the Board of Directors and management of the Company in connection with the COB Transaction. Current directors, Douglas Wu, Sergei Stetsenko and Andri Stytsenko, will remain...