Vancouver, British Columbia –– Further to its press release of August 17, 2021, iMining Technologies Inc. (TSX-V: IMIN) (the “Company” or “iMining”) is pleased to announce that it has closed the transaction to acquire three validators securing the Ethereum Proof-of-Stake blockchain (the “Acquisition“). These three Eth2.0 validators, which include 102.184 Ethereum tokens, were acquired in consideration of issuing 2,500,000 shares. The validators are cloud-based and are fully operational.
The Acquisition of the three validators was considered a “related party transaction” in that the seller is controlled by the Company’s President & CEO. The Company relied on the exemptions in MI 61-101 as to the requirements for a formal valuation and shareholders’ approval pursuant to sections 5.5(a) and 5.7(1)(a) respectively (the fair market value being less than 25% of the Company’s market capitalization).
The Acquisition allows iMining to instantly secure these validators saving the Company fees and weeks of staking rewards as compared to acquiring the same using cash reserves and over-the-counter service providers. This transaction further cements the CEO’s belief in iMining and the future of cryptocurrencies.
The issued shares are subject to a four-month hold period, at the end of which period the shares will be released as to 25% every quarter.
About iMining Technologies Inc.
iMining Technologies Inc. is a growth oriented, TSXV listed company, focused on linking traditional capital markets with blockchain investment opportunities. Through its wholly owned subsidiaries, the company provides retail and institutional investors a safe and secure way to stake, mine and exchange digital assets using proprietary and secure solutions. We are driven by our core values to operate with transparency, efficiency, and sustainability as we work toward building long-term shareholder value.
ON BEHALF OF THE BOARD
Signed “Saleem Moosa”
Saleem Moosa, Director
FOR FURTHER INFORMATION, please contact:
iMining Corporate Offices:
Robert Eadie, Director
Telephone: 1-604-602-4935 t Facsimile: 1-604-602-4936
Toll Free: 1-866-602-4935
Evan Eadie, Corporate Development
Telephone: (604) 602-4935 ext. 203
Toll Free: 1-866-602-4935
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
This news release contains certain forward-looking statements, which relate to future events or future performance, and reflect management’s current expectations and assumptions, and are based on assumptions made by and information currently available to the Company. Readers are cautioned that these forward-looking statements are neither promises nor guarantees, and are subject to risks and uncertainties that may cause future results to differ materially from those expected including, but not limited to, market conditions, availability of financing, actual results of activities, future cryptocurrency prices, operating risks, and other risks in the cryptocurrency industry. All the forward-looking statements made in this news release are qualified by these cautionary statements and those in our continuous disclosure filings available on SEDAR at www.sedar.com. These forward-looking statements are made as of the date hereof and the Company does not assume any obligation to update or revise them to reflect new events or circumstances save as required by applicable law.