HashChain Technology Completes Previously Disclosed Acquisition of 5,000 Rigs

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[{"type":"text","content":"HashChain Technology Completes Previously Disclosed Acquisition of 5,000 Rigs(via TheNewswire)\n \n \nVancouver, BC / TheNewswire / July 12, 2018 - HashChain Technology Inc. (\"HashChain\" or the \"Company\") (TSXV: KASH; OTCQB: HSSHF) is pleased to announce it has closed its acquisition of two cryptocurrency mining companies (the \"Targets\") contributing an aggregate total of 5,000 more Antminer S9 Rigs (\"Rigs\") to HashChain's existing 4,495 Rigs. HashChain acquired all of the issued and outstanding shares of the Targets for an aggregate of 55 million HashChain shares at a deemed price of $0.35 per share (the \"HashChain Shares\") for a total aggregate deemed value of $19.25 million.\n\n\n \nPurchase Price Allocation\n\n\n \n\n\n- 5,000 Rigs at $1,500 CDN per Rig equals $7,500,000;\n\n\n\n- 7.5 Megawatts (\"MW\") installed for $700,000 per MW equals $5,250,000;\n\n\n\n- 5-year commitment from the existing Targets' management at $300,000 per year equals $1,500,000;\n\n\n\n- 15 MW facility commitment for 4 years equals $2,000,000; and\n\n\n\n- Goodwill equals $3,000,000.\n\n\n\n \n \nTerms of the Agreement\n\n\n \n\n\n- 22,000,000 HashChain Shares issued on the closing date of the Acquisition (the \"Closing Date\");\n\n\n\n- 11,250,000 HashChain Shares issued on the date the 5,000 Rigs are installed in a HashChain mining facility;\n\n\n\n- 5,250,000 HashChain Shares 90 days from the Closing Date; and\n\n\n\n- 16,500,000 HashChain Shares 120 days from the Closing Date.\n\n\n\n\n \n\"With these acquisitions, HashChain continues to build its substantial repository of cryptocurrency mining Rigs,\" says Patrick Gray, CEO of HashChain. \"We are currently installing the remaining 4,000 Rigs in our mining facility, which upon expected completion at the end of the month will net us 9,495 Rigs operating at 14 megawatts of power.\"\n\n\n \nAbout HashChain Technology Inc.\n\n\n \n \n\n\n \nHashChain is a blockchain company, and the first publicly traded (TSXV: KASH; OTCQB: HSSHF) Canadian cryptocurrency mining company to file a final prospectus supporting highly scalable and flexible mining operations across all major cryptocurrencies. HashChain taps low-cost North American power, cool climate and high-speed Internet: the trifecta most critical to mining success, to create a competitive position for maximizing the number of mining 'wins.'...

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