Business
Africa Hydrocarbons Provides Update on its Proposed Change of Business to Become Blockchain Technology Company, with Initial Focus on Mining Cryptocurrencies
(via TheNewswire) Calgary, Alberta / TheNewswire / January 5, 2018 - Africa Hydrocar...
About this update from Blockchaink2 Corp.
[{"type":"text","content":"Africa Hydrocarbons Provides Update on its Proposed Change of Business to Become Blockchain Technology Company, with Initial Focus on Mining Cryptocurrencies(via TheNewswire)\n \n \nCalgary, Alberta / TheNewswire / January 5, 2018 - Africa Hydrocarbons Inc. (NFK.H: NEX | KNPRF: PNK | KRL1: STU) (the \"Company\") is pleased to provide an update on its previously announced \"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 (see the Company's November 23, 2017 press release). \n\n \n \nFurther to that previous announcement, upon completion of the COB Transaction, the Company now plans to acquire no less than CAD$1.6 million worth of cryptocurrency mining rigs and other equipment necessary to commence operations and mine Bitcoin (algorithm SHA256), subject to larger acquisitions of equipment should the Company raise a larger amount of funds in connection with the COB Transaction. The Company executed a non-binding agreement on October 25, 2017 with a cryptocurrency mining equipment supplier in connection with such order, and expects that it should receive the equipment within two (2) months of making such order - which order will be made upon completion of the COB Transaction, unless the Exchange grants early approval to the Company to make such equipment order.\n\n \n \nThe Company has also made the determination to build its initial cryptocurrency mining facility at a third-party data center located in the State of Georgia in the United States, a low cost electricity jurisdiction.\n\n \n \nFinancing\n\n \n \nWith respect to the Company's previously announced non-brokered private placement (the \"Private Placement\") of Subscription Receipts that is being completed concurrently with the COB Transaction (see the Company's November 24, 2017 press release), the Company has received incredible interest and expects to close such Financing within the next 7 to 10 days, if not sooner.\n\n \n \nAnnual General and Special Meeting of Shareholders\n\n\n \nThe Company is also pleased to announce that all resolution presented at the annual general and special meeting of shareholders of the Company on January 4, 2018 (the \"AGM\") were approved, including the resolutio...