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CryptoStar Corp. Signs Letter of Intent to Secure up to 120 MW of Low-Cost Power
CryptoStar Corp. Signs Letter of Intent to Secure up to 120 MW of Low-Cost Power C...
About this update from Cryptostar Corp.
[{"type":"text","content":"\n\n\n\nCryptoStar Corp. Signs Letter of Intent to Secure up to 120 MW of Low-Cost Power\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\nCanada NewsWire\nTORONTO, April 6, 2020\n\n\n\nTSXV: CSTR\n TORONTO, April 6, 2020 /CNW/ - CryptoStar Corp. (TSXV: CSTR) (\"CryptoStar\" or the \"Company\"), a cryptocurrency mining and data centre operator, is pleased to announce it has signed a letter of intent (\"LOI\") with an Alberta Based Private Energy Company (the \"Alberta Partner\") effective April 3, 2020 for up to 120 megawatts (MW) at among the lowest electricity rates in North America.\nCryptoStar and the Alberta Partner plan to execute the first power supply agreement for the first 20 MW of power within the next 14 days.\nHighlights of the Transaction\nProjected power cost will be amongst the lowest in the Province of Alberta Non-dilutive transaction to CryptoStar's minority shareholders through the generous support of the major shareholder CryptoStar's position further strengthened to become one of the lowest cost Bitcoin producers in North America\"This LOI with the Alberta Partner is consistent with the Company's long term expansion plans into low cost energy regions in North America and solidifies CryptoStar's objective to become one of the lowest cost Bitcoin producers in North America.\" said David Jellins, Chief Executive Officer of CryptoStar.\nThe Alberta Partner currently possesses, controls or has access to a certain three sites in Alberta and is currently permitted to generate and supply an aggregate of 30 MW.\nThe Alberta Partner intends to, upon approval by applicable regulatory authorities, generate and supply an aggregate of 120 MW of power to CryptoStar.\nThe Alberta Partner has agreed to grant to CryptoStar a right of first refusal for: (i) entry into Power Supply Agreements for up to 120 MW of electrical power generated by the Alberta Partner to be used for cryptocurrency or data centre usage; and (ii) the purchase of the Alberta Partner's power generation business or any portion thereof. The Power Supply Agreements will have a term of five (5) years,...