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CryptoStar Corp. Executes Definitive Agreement with Hong Kong Based Company and Secures Funding Commitments for $7.0 Million in Non-Brokered Private Placement of Units
CryptoStar Corp. Executes Definitive Agreement with Hong Kong Based Company and Secures F...
About this update from Cryptostar Corp.
[{"type":"text","content":"\n \n \n \n CryptoStar Corp. Executes Definitive Agreement with Hong Kong Based Company and Secures Funding Commitments for $7.0 Million in Non-Brokered Private Placement of Units\n \n \n /* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n \n \n \n \n \n \n Canada NewsWire\n \n \n \n \n TSXV: CSTR\n \n \n \n TORONTO\n \n ,\n \n March 8, 2021\n \n /CNW/ - CryptoStar Corp. (TSXV: CSTR) (\"\n \n CryptoStar\n \n \" or the \"\n \n Company\n \n \"), a cryptocurrency mining and data centre operator, is pleased to announce that, further to the non-binding letter of intent announced on\n \n January 13, 2021\n \n , the Company and a\n \n Hong Kong\n \n based company (the \"\n \n Vendor\n \n \") have executed an equipment purchase agreement (the \"\n \n Definitive Agreement\n \n \") effective\n \n March 7, 2021\n \n to acquire a combination of GPU and ASIC miners in exchange for 7,956,198 units (\"\n \n Units\n \n \") of the Company at a deemed value of\n \n CAD$1,909,487.52\n \n (the \"\n \n Transaction\n \n \"). The Company will issue an additional 477,372 Units (the \"\n \n Finder's Fee\n \n \") to Chen Peifeng in connection with Transaction.\n \n \n Each Unit consists of one common share of CryptoStar (a \"\n \n Common Share\n \n \") and one common share purchase warrant of CryptoStar (a \"\n \n Warrant\n \n \"). Each Warrant entitles the holder to acquire one Common Share at a price of CAD\n \n $0.36\n \n per Common Share for a period of 18 months from the date of issue.\n \n \n The Transaction, including payment of the Finder's Fee, is subject to TSX Venture Exchange (the \"\n \n TSXV\n \n \") approval.\n \n \n Highlights of the Transaction:\n \n \n \n The Vendor will deliver GPU and ASIC miners capable of a minimum total Hashrate of 25,950 MH/s and 9,500 TH/s respectively.\n \n \n It is anticipated that the GPU and ASIC miners will be delivered to CryptoStar's data centres within 30 days.\n \n \n The deployment of 25,950 MH/s and 9,500 TH/s of Hashrate using the latest generation GPU and ASIC miners is expected to contribute\n \n USD$170,051.98\n \n per month in self-mining revenue for Crypto...