Neptune Digital Assets to Receive Its First Order of Bitcoin Mining Machines and to Complete Private Placement
VANCOUVER, British Columbia, March 29, 2021 (GLOBE NEWSWIRE) — Neptune Digital Assets Corp. (TSX-V:NDA) (OTC:NPPTF) (FSE:1NW) (“Neptune” or the “Company“) is pleased to announce that it has confirmed the delivery date for its first tranche of 300 of the previously announced 1,500 ASIC bitcoin mining machines for April 12th (see news release dated March 19, 2021). The first 300 ASIC S17s will produce approximately 50 terahash per machine, or 15 petahashes per second for the set of 300. At $0.04 per KWH of power and a 10% all-inclusive lease and maintenance fee with Link Global (CSE:LNK); (FSE:LGT); (OTC:LGLOF), there will be a profit margin of approximately USD$4,000 per day at the current Bitcoin price of $55,000 USD. Subsequent deliveries will continue as the Company scales to 1,500 units on the initial build out of Neptune Bitcoin mining operations.
“We are very optimistic on the future of our growing revenue channels and want investors to know that we are committed to execution of these plans. We will continue to scale our mining operations to add to our existing income streams as we move through 2021,” stated Cale Moodie, CEO of Neptune.
Neptune has also arranged a private placement of units of the Company with certain directors and other investors of the Company for aggregate proceeds of $500,000 at $0.80 per unit (the “Private Placement“). The Company anticipates that closing of the private placement will take place on or about March 31, 2021. Each unit issued under the private placement consists of one common share and one half of one common share purchase warrant, with each whole warrant entitling the holder to acquire one common share at a price of $1.00 for a period of three (3) years from the closing date. The Private Placement is subject to the final approval of the TSX Venture Exchange.
The Company intends to use the proceeds from the Private Placement for strategic cryptocurrency acquisitions, bitcoin mining equipment and to co-develop the previously announced 5MW renewable energy Bitcoin mining facility in Alberta, Canada. The securities sold in this Private Placement will be subject to a four-month resale restriction from the date of closing.
About Neptune Digital Assets Corp.
Neptune Digital Assets aims to be a cryptocurrency leader with a diversified portfolio of investments and cryptocurrency operations across the digital asset ecosystem including Bitcoin mining, tokens, proof-of-stake cryptocurrencies, decentralized finance (DeFi), and associated blockchain technologies.
ON BEHALF OF THE BOARD
Cale Moodie, President and CEO
Neptune Digital Assets Corp.
This release contains certain “forward looking statements” and certain “forward-looking information” as defined under applicable Canadian securities laws. Forward-looking statements and information can generally be identified by the use of forward-looking terminology such as “may”, “will”, “expect”, “intend”, “estimate”, “anticipate”, “believe”, “continue”, “plans”, “proposes” or similar terminology. Forward-looking statements and information include, but are not limited to, the completion of the private placement; the anticipated closing date of the Private Placement; TSXV approval of the private placement; the potential profit margin of USD$4,000 per day at current Bitcoin pricing, the development of the 5MW renewable energy Bitcoin mining facility in Alberta, Canada; the Company’s future earnings and operating costs; the Company’s future growth in total assets; the Company’s strategy to purchase crypto currency and optimize its crypto portfolio; the Company’s ability effectively dollar cost average its purchases of crypto currency; and the future outlook of the crypto currency market generally. Forward-looking statements and information are based on forecasts of future results, estimates of amounts not yet determinable and assumptions that, while believed by management to be reasonable, are inherently subject to significant business, economic and competitive uncertainties and contingencies. Forward-looking statements and information are subject to various known and unknown risks and uncertainties, many of which are beyond the ability of the Company to control or predict, that may cause the Company’s actual results, performance or achievements to be materially different from those expressed or implied thereby, and are developed based on assumptions about such risks, uncertainties and other factors set out herein, including but not limited to: the inherent risks involved in the cryptocurrency and general securities markets; the Company’s ability to successfully mine digital currency; revenue of the Company may not increase as currently anticipated, or at all; the Company may not be able to profitably liquidate its current digital currency inventory, or at all; a decline in digital currency prices may have a significant negative impact on the Company’s operations; the volatility of digital currency prices; uncertainties relating to the availability and costs of financing needed in the future; the inherent uncertainty of production and cost estimates and the potential for unexpected costs and expenses, currency fluctuations; regulatory restrictions, liability, competition, loss of key employees and other related risks and uncertainties. The Company does not undertake any obligation to update forward-looking information except as required by applicable law. Such forward-looking information represents management’s best judgment based on information currently available. No forward-looking statement can be guaranteed and actual future results may vary materially. Accordingly, readers are advised not to place undue reliance on forward-looking statements or information.