CRYPTOLOGIC CLOSES TRANSACTION TO SELL 30 MEGAWATT BITCOIN MINING FACILITY
TORONTO, April 08, 2020 (GLOBE NEWSWIRE) — Cryptologic Corp. (“Cryptologic” or the “Company”) (CSE:CRY) announced today that the previously announced transaction (the “Transaction”) to sell all the shares of its wholly-owned subsidiary 9376-9974 Quebec Inc. (“9376”), which holds the rights to a 30 megawatt (“MW”) dedicated cryptocurrency mining operation located in Lachute, Quebec (the “Facility”), to HIVE Blockchain Technologies Ltd. (“Hive”) has closed.
As consideration for the shares of 9376, Hive issued 15,000,000 common shares (“Hive Shares”) to the Company at a deemed price of C$0.20 per Hive Share, which are subject to a four-month lock-up agreement, and paid the Company C$1,956,230.60 in cash, being the cash portion of the purchase price as adjusted by estimated closing working capital and a holdback amount. In addition, Hive has agreed to invest C$3.0 million in the Facility.For information or interview please contact:
Jordan Greenberg Chief Financial Officer (647) 715-3707About Cryptologic Corp.Cryptologic Corp. is currently a cryptocurrency mining company that is focused on divesting its crypto mining assets and exploring acquisition opportunities in sectors outside of cryptocurrency mining.About HIVE Blockchain Technologies Ltd.HIVE Blockchain Technologies Ltd. is a growth oriented, TSX.V-listed company building a bridge from the blockchain sector to traditional capital markets. HIVE owns state-of-the-art GPU-based digital currency mining facilities in Iceland and Sweden, which produce newly minted digital currencies like Ethereum continuously. Hive’s deployments provide shareholders with exposure to the operating margins of digital currency mining as well as a growing portfolio of crypto-coins.