Business
CryptoStar Corp. Renegotiates Definitive Agreement with Hong Kong Based Company and Announces Purchase of Additional Mining Hashrate
CryptoStar Corp. Renegotiates Definitive Agreement with Hong Kong Based Company and Annou...
About this update from Cryptostar Corp.
[{"type":"text","content":"\n \n \n \n CryptoStar Corp. Renegotiates Definitive Agreement with Hong Kong Based Company and Announces Purchase of Additional Mining Hashrate\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.prntac{\nTEXT-ALIGN: CENTER\n}\n \n \n \n \n \n \n Canada NewsWire\n \n \n \n \n \n \n TSXV: CSTR\n \n \n \n \n \n TORONTO\n \n ,\n \n March 30, 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 execution of a definitive agreement announced on\n \n March 8, 2021\n \n , the Company and a\n \n Hong Kong\n \n based company (the \"\n \n Vendor\n \n \") have renegotiated 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 5,927,151 units (\"\n \n Units\n \n \") of the Company at a deemed value of\n \n CAD$1,422,516.24\n \n (the \"\n \n Transaction\n \n \"). The Company will issue an additional 355,629 Units (the \"\n \n Finder's Fee\n \n \") to Chen Peifeng in connection with Transaction. As compared to the terms announced on\n \n March 8, 2021\n \n , the renegotiation represents a 25.5% reduction in the deemed value of the Definitive Agreement and a 25.5% reduction in the number of Units to be exchanged.\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 an approximate total Hashrate of 25,950 MH/s and 5,510 TH/s respectively.\n \n \n It is anticipated that the GPU and ASIC miners will be delivered to...