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CryptoStar Corp. Signs Letter of Intent to Secure up to 87.2 MW of Low-Cost Power and Provides Update on Operations
CryptoStar Corp. Signs Letter of Intent to Secure up to 87.2 MW of Low-Cost Power and Pro...
About this update from Cryptostar Corp.
[{"type":"text","content":"\n \n \n \n CryptoStar Corp. Signs Letter of Intent to Secure up to 87.2 MW of Low-Cost Power and Provides Update on Operations\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 \n \n TORONTO\n \n \n ,\n \n \n Feb. 10, 2022\n \n \n /CNW/ - CryptoStar Corp. (TSXV: CSTR) (OTCQB: CSTXF) (\"\n \n CryptoStar\n \n \" or the \"\n \n Company\n \n \"), a cryptocurrency mining and data centre operator, is pleased to announce that it has signed a letter of intent (the \"\n \n LOI\n \n \") with a\n \n Kansas, USA\n \n based energy company (the \"\n \n Kansas Partner\n \n \") effective\n \n February 9, 2022\n \n for up to 87.2 megawatts (MW) of power to be supplied at among the lowest electricity rates in\n \n North America\n \n . The Company also provides an update on operations.\n \n \n \n LOI with Kansas Partner\n \n \n \n Highlights of the proposed Transaction:\n \n \n \n Under the terms of the LOI, it is anticipated that CryptoStar and the Kansas Partner will enter into a power supply agreement (the \"\n \n Power Supply Agreement\n \n \") for the first 21.8 MW of power by\n \n February 28, 2022\n \n .\n \n \n It is anticipated that the first 21.8 MW of power will be operational within 60 to 90 days from the execution of the Power Supply Agreement.\n \n \n The Kansas Partner currently possesses, controls or has access to certain sites in\n \n Kansas, USA\n \n and, upon approval by applicable regulatory authorities, intends to generate and supply to CryptoStar an aggregate 87.2 MW of power.\n \n \n CryptoStar has the option to enter into power supply agreements for up to an additional 65.4MW of electricity, exercisable in increments of 21.8 MW.\n \n \n The Power Supply Agreement will have a term of five (5) years, which shall automatically renew for additional five (5) year terms unless terminated in accordance with the terms thereof.\n \n \n \n The Company anticipates commencing operations in\n \n Kansas, USA\n \n in Q2, 2022.\n \n \n \n David Jellins\n \n , President and Chief Executive Officer of CryptoStar states, \"This LOI with the Kan...