Business
Bluesky Digital Assets Corp. Debt Settlement and Corporate Update
Toronto, Ontario--(Newsfile Corp. - March 31, 2023) - Bluesky Digital Assets Corp. (CSE: BTC) (OT...
About this update from Bluesky Digital Assets Corp.
[{"type":"text","content":"Bluesky Digital Assets Corp. Debt Settlement and Corporate UpdateToronto, 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 TexasEffective 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 o...