Global Blockchain Diversifies Crypto Mining Strategy Through Coinstream
November 16, 2017 (Source) — GLOBAL BLOCKCHAIN TECHNOLOGIES CORP. (TSXV: BLOC) (FSE: BWSP) (OTC Pink: BLKCF) (“GBT” or the “Company”) is pleased to announce that cryptocurrency miner Coinstream Mining Corp. (“Coinstream”) has entered into an agreement with Distributed Mining Inc. (“DMI” or Distributed Mining) for an investment of common shares. The agreement will see Coinstream purchase 1,000,000 common shares, for $1,500,000, representing a post-money interest of 25% of DMI. Subject to closing of the transaction press released on November 11, 2017, GBT will acquire 49.9 per-cent interest in Coinstream.
This investment in DMI will entitle Coinstream to a board seat. The agreement also includes a participation provision to maintain its 25% interest, or greater in the future.
DMI is a blockchain software company creating software that enables all devices the ability to participate in mining cryptocurrency. The software will be available to be downloaded through Distributed Mining, or via their partner sites. Connected devices will then be able to activate mining operations via their devices, (including but not limited to Mobile Phones, Gaming Consoles etc.)
Distributed Mining would allow anyone with a connected device to download and install a software packet giving them access to optimized cryptocurrency mining. The distributed mining platform will be able to optimize for variable mining requirements and its design is particularly well suited for gaming consoles, of which there are over 100 million currently connected units. Gaming consoles contain stronger processing power than found in typical laptop/desktop computers, making them the perfect environment to deploy the distributed mining platform as individuals are able to put their resting consoles to work, earning them valuable cryptocurrency tokens.
Shidan Gouran, President of GBT noted “Distributed Mining represents a promising possibility of a new level of accessibility to the cryptocurrency world. With over $10 billion dollars worth of digital tokens changing hands daily, the crypto mining world has been firmly in the domain of only those with powerful computing rigs designated specifically for cryptocurrency mining.
Distributed Mining is an exciting opportunity because it opens up the mining world to the algebraically demonstrable power of numbers by enabling any individual with a connected device to participate in cryptocurrency mining, in partnership with DMI, leveraging immense non-specific use existing computing power and eliminating the tie to the requirement for huge and expensive sources of power required by traditional miners. We believe that this has the potential to significantly alter the mining landscape.”
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About Global Blockchain Technologies Corp.
Global Blockchain Technologies Corp. is an investment company providing investors access to a basket of holdings within the blockchain space, managed by a team of industry pioneers and early adopters of all major cryptocurrencies. GBT is focused on streamlining the current arduous, lengthy and complicated process that interested investors need to undergo in order to gain exposure to the cryptocurrency space with a view to becoming the first vertically integrated originator and manager of top-tier blockchains and digital currencies.
Through GBT’s wholly owned subsidiary, Global Blockchain Mining Corp., the Company has entered into an agreement to acquire 49.9 per-cent interest in CoinStream Mining Corp., (“Coinstream”) to employ the streaming model, providing strategic upfront capital and an additional payment upon delivery of the cryptocurrency, to select proven, best-in-class operators and operations, in exchange for a stream of future cryptocurrency production, at a fixed price.
The Company is investigating and intends to pursue an arrangement agreement with its newly created, wholly owned subsidiary, Global Blockchain Mining, to carry out a plan of arrangement. Through the arrangement, the company intends to list Global Blockchain Mining, along with all of its mining streaming interests, as a publicly listed Canadian entity.
The completion of the arrangement and the listing of Global Blockchain Mining will be subject to regulatory approval of this transaction, the approval of shareholders, the Supreme Court of British Columbia, and the TSX Venture Exchange.
GBT is listed on the TSX Venture Exchange and its common shares trade under the ticker symbol “BLOC.” Other information relating to GBT is available on SEDAR at www.sedar.com as well as on the Company’s website at www.globalblockchain.io.
Cautionary Note Regarding Forward-Looking Information
This news release contains “forward-looking information” within the meaning of applicable securities laws. Generally, any statements that are not historical facts may contain forward-looking information, and forward-looking information can be identified by the use of forward-looking terminology such as “plans”, “expects” or “does not expect”, “is expected”, “budget”, “scheduled”, “estimates”, “forecasts”, “intends”, “anticipates” or “does not anticipate”, or “believes”, or variations of such words and phrases or indicates that certain actions, events or results “may”, “could”, “would”, “might” or “will be” taken, “occur” or “be achieved”. Forward-looking information includes, but is not limited to the impact of the appointments on the Company, the Company’s projected asset allocations; business strategy and investment criteria; the timing for implementation of financial auditing and corporate governance standards applicable to cryptocurrencies and Initial Coin Offerings (“ICO’s”); the rate of cryptocurrency adoption and the resultant effect on the growth of the global cryptocurrency market capitalization. The Company has no assets and its business plan is purely conceptual in nature and there is no assurance that it will be implemented as set out herein, or at all. Forward-looking information is based on certain factors and assumptions the Company believes to be reasonable at the time such statements are made, including but not limited to: statements and expectations regarding the ability of the Company to (i) successfully engage senior management with appropriate industry experience and expertise, (ii) gain access to and acquire a basket of cryptocurrency assets and pre-ICO and ICO financings on favourable terms or at all, (iii) successfully create its own tokens and ICO’s, and (iv) execute on future M&A opportunities in the cryptocurrency space; receipt of required regulatory approvals; the availability of necessary financing; permitting and such other assumptions and factors as set out herein. Forward-looking information is subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of the Company to be materially different from those expressed or implied by such forward-looking information, including but not limited to: risks related to changes in cryptocurrency prices; the estimation of personnel and operating costs; general global markets and economic conditions; risks associated with uninsurable risks; risks associated with currency fluctuations; competition faced in securing experienced personnel with appropriate industry experience and expertise; risks associated with changes in the financial auditing and corporate governance standards applicable to cryptocurrencies and ICO’s; risks related to potential conflicts of interest; the reliance on key personnel; financing, capitalization and liquidity risks including the risk that the financing necessary to fund continued development of the Company’s business plan may not be available on satisfactory terms, or at all; the risk of potential dilution through the issuance of additional common shares of the Company; the risk of litigation. Although the Company has attempted to identify important factors that could cause actual results to differ materially from the forward-looking information set out in this presentation, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such forward-looking information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such information. Accordingly, readers should not place undue reliance on forward-looking information. Forward-looking statements are made based on management’s beliefs, estimates and opinions on the date that statements are made and the Company undertakes no obligation to update forward-looking statements if these beliefs, estimates and opinions or other circumstances should change, except as required by law. Investors are cautioned against attributing undue certainty to forward-looking statements.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
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