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MGT Capital Completes $2.4 Million Funding for Bitcoin Operations
MGT Capital Completes $2.4 Million Funding for Bitcoin Operations.
About this update from United American Healthcare Corp.
[{"type":"text","content":"\n\n\n\nMGT Capital Completes $2.4 Million Funding for Bitcoin Operations\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\nMGT Capital Completes $2.4 Million Funding for Bitcoin Operations\nPR Newswire\nDURHAM, N.C., Aug. 23, 2017\n\n\n\nDURHAM, N.C., Aug. 23, 2017 /PRNewswire/ -- MGT Capital Investments, Inc. (OTC: MGTI) announced today that it has closed on financing to allow the Company to materially ramp up its Bitcoin mining operations. The financing consists of a $2.4 million 10% convertible note (convertible at $1.05 per MGTI share) issued to a single institutional investor, UAHC Ventures LLC. UAHC Ventures is a subsidiary of publicly traded United American Healthcare Corp. (OTC: UAHC).  The note is self-amortizing with a maximum repayment of $160,000 per month. In conjunction with the note, the Company also issued the investor approximately 862,000 warrants with an exercise price of $1.05 per MGTI share.\n\nStephen Schaeffer, President of MGT Crypto-Capital Strategies, stated, \"Today's announcement is further evidence of our commitment to being the leading miner in the North America. We are currently constructing our third location in Washington State, and plan to deploy new mining rigs in this facility in early October 2017.\" \n\nAbout MGT Capital Investments, Inc.\n\nWith facilities in WA state, MGT Capital Investments, Inc. (OTC: MGTI) ranks as one of the largest U.S. based Bitcoin miners. Further, the Company continues to focus on an expansion model to grow its crypto assets materially. \n\nThe Company is also developing a portfolio of cyber security technologies, with industry pioneer John McAfee as its visionary leader, creating advanced protection technologies for mobile and personal tech devices, as well as corporate networks. The Company's first product, Sentinel, an enterprise class network intrusion detector, is currently in beta testing, with commercial released anticipated by the end of September 2017. The Company also has entered into a joint venture with Nordic IT to develop and market a mobile phone with extensive privacy and anti-hacki...