CryptoBlox Technologies Inc., is pleased to announce, further to its news release dated June 19, 2023, that it has completed its acquisition of Red Water Acquisition Corp., a company specializing in crypto mining technology.
As discussed in the Prior Release, Redwater’s air-cooled data centers and advanced heat recapture products have obtained development rights in Sturgeon County, Alberta, Canada, for its operations. This site will serve as the foundation for Redwater’s state-of-the-art crypto mining facility, designed for efficiency and cost-effectiveness.
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Both CryptoBlox and Redwater share a common commitment to sustainable and responsible practices in the crypto-mining industry. Through Redwater, CryptoBlox intends to invest in energy-efficient solutions and environmentally friendly mining practices, aligning with its vision of promoting a greener and more sustainable future for the blockchain ecosystem.
The completion of the Acquisition marks a significant milestone for CryptoBlox as it strengthens its position as a leading player in the crypto-mining industry. “Redwater’s experience in crypto-mining aligns with our strategic vision of providing comprehensive blockchain solutions,” commented CryptoBlox Interim CEO, Taryn Stemp. “Together, we plan to unlock new opportunities and deliver unparalleled value to our clients and partners.”
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As compensation for the Acquisition, the Company has issued a total of 118,280,800 common shares of the Company (the “Closing Consideration Shares”) at a deemed price of $0.05 per Closing Consideration Share to the vendors of Redwater (the “Vendors”), and will issue another 101,719,200 common shares of the Company (the “Deferred Consideration Shares”) at a deemed price of $0.05 per Deferred Consideration Share to the Vendors upon the completion of certain milestones being met by Redwater and the Vendors, for aggregate consideration of 220,000,000 common shares of the Company, having a deemed transaction value of $11,000,000.
About CryptoBlox Technologies Inc.
CryptoBlox Technologies Inc. is a blockchain technology company with diversified portfolio of fintech blockchain services, blockchain battery technologies and applications, and crypto mining facilities under development. The Company’s acquisition of Redwater marks a significant milestone in its plan to meet the fast-growing demand for cost-effective cryptocurrency infrastructure in North America. By integrating its mining facilities into power generation facilities in Alberta, and using state-of-the-art operations techniques, the Company will be positioned to achieve a high degree of financial optionality and long-term operational certainty that can deliver some of the cleanest and lowest-cost mining operations in the world.
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