Vancouver, British Columbia –iMining Blockchain and Cryptocurrency Inc. (TSXV: IMIN) (the “Company” or “iMining”) reports further to its press releases regarding Future Farm Developments Ltd. (“Future Farm”) and the proposed acquisition of Future Farm’s interest in a crypto-mining facility near Merritt, British Columbia (the “Transaction”). (See press releases dated October 22, 2019 and January 6, 2020.)
As announced on January 6, 2020, the Company and Future Farm mutually agreed to terminate the Letter of Intent (“LOI”) they entered into with regard to the proposed Transaction. In accordance with the terms of the LOI, if the Transaction did not complete for any reason, the initial payment of US$75,000 made by the Company to Future Farm was refundable.
More than nine months have elapsed since the termination of the LOI, and despite demand, Future Farm has failed or refused to return the US$75,000 or any part of it to iMining.
iMining has now filed a Notice of Civil Claim with the Supreme Court of British Columbia, claiming a breach of the terms of the LOI and demanding the return of the US$75,000. Future Farm has until December 9, 2020 to respond; notwithstanding, the Company expects a favourable judgment.
ON BEHALF OF THE BOARD
iMining Blockchain and Cryptocurrency Inc.
Signed “Gary Arca”
Gary Arca, Interim President & Chief Financial Officer
FOR FURTHER INFORMATION PLEASE CONTACT:
Contact: Gary Arca
Telephone: 1-604-602-4935 ⧫ Facsimile: 1-604-602-4936
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