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HashChain Technology enters into Purchase Order Agreement for 5,000 Mining Rigs and Commitment for 20 Megawatt Facility
HashChain Technology enters into Purchase Order Agreement for 5,000 Mining Rigs and Commit...
About this update from Intellabridge Technology Corp.
[{"type":"text","content":"\n\n\n\nHashChain Technology enters into Purchase Order Agreement for 5,000 Mining Rigs and Commitment for 20 Megawatt Facility\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\nVANCOUVER, Jan. 4, 2018\n\n\n\nVANCOUVER, Jan. 4, 2018 /CNW/ - HashChain Technology Inc. (\"HashChain\" or the \"Company\") is pleased to announce that it has signed a commitment for space for Mining operations of up to 20 megawatts in a facility in Montana, USA (\"Montana Facility\"). The Company has also signed a purchase order (the \"Purchase Order\") with its supplier (\"Supplier\") of cryptocurrency mining rigs (\"Rigs\") to facilitate orders on behalf of the Company with a manufacturer (the \"Manufacturer\") to acquire 5,000 Rigs. Upon delivery and installation of these Rigs and the 770 Rigs previously disclosed, the Company's total number of Rigs will increase to 5,870 and its total Mining capacity will increase to approximately 8.7 megawatts.  The 5,000 Rigs are expected to be received in multiple deliveries between February 28 and May 15, 2018, subject to HashChain closing the previously announced $26 million bought deal financing. The consideration payable by the Company in respect of the 5,000 Rigs and the sourcing of the 20 megawatt commitment at the Montana Facility is to be comprised of staged payments expected to total USD$20,452,500 plus applicable taxes (the \"Expected Total Consideration\"), subject to increase in certain circumstances (as described in greater detail below) of which USD$15,952,500 will be payable in cash and USD$4,500,000 will be payable in common shares of HashChain (the \"Shares\"), and a payment of 210,000 common shares of HashChain as a milestone payment for each megawatt (or portion thereof, pro-rata) that becomes operational (\"Milestone Shares\").  The Expected Total Consideration is based on the current price at which the Supplier is able to source Rigs from the Manufacturer. In the event that the Manufacturer increases the price at which it will make Rigs available to the Supplier or the Company, the Expected Total Consid...