- BLKCF creates a mining division, plans ‘spin-out’ listing for its subsidiary, Global Blockchain Mining Corp.
- Global Blockchain Mining Corp., as part of the agreement, will exchange 3.8 million shares of its common stock for 49.9% interest in Coinstream Mining Corp.
- Transaction also calls for BLKCF’s subsidiary to make investment in Coinstream, the world’s first cryptocurrency streaming company
Global Blockchain Technologies Corp.’s (OTC: BLKCF) (TSX.V: BLOC) (FSE: BWSP) subsidiary, Global Blockchain Mining Corp., has entered into an agreement to acquire a 49.9% interest in Coinstream Mining Corp. in exchange for 3.8 million common shares of Global Blockchain and other conditions, BLKCF announced (http://dtn.fm/jZeJ4). Closing of the transaction remains subject to requisite approval.
Terms also include that the subsidiary will provide strategic upfront capital and an additional payment upon delivery of cryptocurrency, to select best-of-class operators and operations, in exchange for a stream of future cryptocurrency production, at a fixed price.
BLKCF is a Canadian investment banking company offering investors a basket of holdings within the blockchain realm — managed by a team of executives who have had a significant impact on the rise of blockchain. The goal of the company is to become the first publicly traded company with vertically integrated originators of top-tier blockchains and digital currencies. Interested investors can become exposed to cryptocurrencies through BLKCF. The company is also looking to list in Australia and Asia in order to offer 24-hour tradability.
BLKCF believes that its subsidiary, Global Blockchain Mining Corp., is a pure play cryptocurrency company. It represents an independent viable entity with a unique business model. BLKCF is investigating, and intends to pursue with that subsidiary, a plan of arrangement. To that end, the company intends to make Global Blockchain Mining Corp. a publicly-listed Canadian entity.
Coinstream is seen as the first cryptocurrency mining company to employ the streaming model. Over the life of the contracts between the subsidiary and Coinstream, Global Blockchain Mining Corp. would receive 12,500 bitcoin, which represents a current non-discounted value of some CAD $112.5 million, at the price of bitcoin at present day value.
In a news release, Shiden Gouran, president of Global Blockchain, said, “Coinstream is answering the call from those who seek to fully leverage the regularly forecasted potential parabolic price growth of the mainstay cryptocurrencies, from a net long bias, contracted and de-risked against the need to maintain operations, and secured by the value of the operating equipment which represents the majority of the CAPEX allocation.”
For more information, visit the company’s website at www.GlobalBlockchain.io
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