CurrencyWorks Inc., a full service blockchain platform provider, is pleased to announce that it is investing an additional $850,000 in its revolutionary Zer00™ crypto mining platform in the form of a services and loan agreement with Fogdog Energy Solutions inc. (“Fogdog”)
As of July 2021, it was being widely reported in the media that the blockchain based NFT market was now worth approximately $2.5 billion USD worldwide, up from sales of just $13.7 million recorded in the first half of 2020. (July 6, 2021 Reuters)
In response to the inquiries and demand for its NFT sales and trading platforms, CurrencyWorks announced partnerships with Barrett-Jackson for the development of the Motoclub.io, the premier NFT and digital collectible site for car enthusiasts and the development of the VUELE™, a global NFT feature-length distribution platform in partnership with Enderby Entertainment.
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As part of the CurrencyWorks blockchain platform, it’s Zer00™ crypto mining solution has been designed as an answer to the increasing demand for blockchain based innovations and the importance of reducing the environmental impact required in building environmentally sustainable blockchain technologies and solutions.
Zer00™ is a fully scalable system that will use the thermal treatment (non-burning) of Industrial and Municipal Solid Waste (IMSW) to generate the energy needed to power cryptocurrency mining operations in an environmentally friendly and sustainable way, which will also benefit communities by reducing the demand for landfill to manage the disposal off IMSW.
“CurrencyWorks is committed to providing leading-edge waste management solutions to help provide a creative solution to enable the reduction of the environmental impact within the blockchain space. Creating environmentally responsible energy from IMSW, is just the beginning of helping ensure a low carbon footprint and a zero-energy cost Crypto mining solution.” said Cameron Chell, CurrencyWorks Executive Chairman.
The Company will be providing its technology development partner an advance of $850,000 (the “Loan”) to Fogdog pursuant to a loan agreement with Fogdog dated August 20, 2021. Provided that the Company is using such power to develop and operate cryptocurrency mining operations, Fogdog will provide the Company with free of charge access to the electricity power generated from any clean electricity power generation thermal units built and operated by Fogdog in Canada or the United States.
The Company has agreed to grant to Fogdog share purchase warrants (the “Warrants”) to acquire up to 250,000 common shares of the Company with the exercise price equal to the market price of the common shares of the Company on the day prior to the grant of the Warrants. The Warrants will vest and become exercisable upon repayment in full of the Loan and will expire within five years from the date of issue.
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The Loan bears interest at the rate of ten percent per annum, calculated daily, not in advance, as well after as before maturity, default and judgment on the basis of a 365 (or in the case of a leap year 366) day year based on the actual number of days elapsed, on a nominal rate basis and without allowance or deduction for deemed reinvestment or otherwise with respect to any amounts from time to time paid to our company on account of interest under the Loan.
On the date that is 365 days after the date of advance, Fogdog will pay to the Company an amount equal to the first year of accrued and unpaid interest on all principal amounts outstanding on the Loan. Commencing on the date that is 365 days after the date of advance, on the first day of each month Fogdog agrees to pay to the Company an equal monthly payment of principal (in the amount amortized over 5 years) and a monthly payment of interest on such principal amount of the Loan. Unless demanded or otherwise due earlier, all obligations are due and payable on August 20, 2027.
The Loan is secured by a charge on all of the assets owned by Fogdog pursuant to a general security agreement dated August 20, 2021 between the Company and Fogdog.
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