BIGG Digital Assets Inc. owner of Netcoins (Netcoins.ca) (“Netcoins”), the online cryptocurrency brokerage that makes it easy for Canadians to buy, sell, and understand cryptocurrency, and owner of Blockchain Intelligence Group (blockchaingroup.io) (“BIGG”), a leading developer of blockchain technology search, risk-scoring and data analytics solutions, is pleased to announce a strategic investment of CAD$2.0 million in Luxxfolio Holdings Inc. (“Luxxfolio”) for 12.5 million units priced at $0.16 per unit. Each unit comprises one common share and one common share purchase warrant exercisable for 24 months at a price of $0.21. Through this investment BIGG now owns ~15% of Luxxfolio and ~20% on a fully diluted basis. In connection with the investment into Luxxfolio, BIGG is entitled to appoint one member to Luxxfolio’s board of directors at its discretion.
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BIGG believes green crypto mining is essential to the future of digital assets. Luxxfolio is a sophisticated Canadian miner, with operations in New Mexico and tremendous growth potential. As BIGG continues to build a world class digital asset company, we believe Luxxfolio is a perfect fit.
Luxxfolio was seeking a strategic partner to help fund its next phase of growth – which includes both the traditional Bitcoin mining vertical and, more recently, an entrance into a decentralized data storage vertical. Decentralized storage supports the growth in cloud computing and includes high growth areas such as scientific research, Web 3.0, AI (artificial intelligence), 3-D modeling, and the Metaverse.
Ken MacLean, Luxxfolio’s CEO added, “We are thrilled to welcome BIGG as a major shareholder in Luxxfolio. BIGG will be an excellent partner as we navigate the opportunities in the current volatile market. Mr. Binns and his team support our vision, and with their investment, we can continue to be opportunistic on the execution of our 2022 plan.”
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Mark Binns, BIGG CEO, remarked, “BIGG is first and foremost a digital assets company – and complimentary to our holdings in crypto forensics, crypto trading and Metaverse/NFT is crypto mining – a mainstay and essential component to the digital asset economy. We believe Luxxfolio can become a global leader in sustainable crypto mining, and has established an excellent beach head operation in New Mexico with significant expansion potential. The team at Luxxfolio, led by Ken MacLean, have built deep relationships in the crypto mining community and have grown the business through multiple crypto pricing cycles.”
Also, pursuant to the Company’s stock option plan and subject to regulatory approval, it has granted stock options to its directors, officers, employees and consultants to purchase an aggregate 1,905,000 common shares in the capital of the Company at an exercise price of $0.50 per common share for a period of five years. The stock options will be subject to vesting requirements over a period of up to 24 months. The securities represented by this grant will be subject to a four-month hold period.
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