Integrated Ventures Doubles Its Mining Operations By Acquiring Cryptocurrency Mining Assets Of Digimine, LLC
April 18 2018 - 10:00AM
InvestorsHub NewsWire
Philadelphia, PA -- April 18, 2018 -- InvestorsHub NewsWire --
Integrated Ventures, Inc. (OTCQB:
INTV) (the "Company") today announced that it has entered into
an Asset Purchase Agreement (”APA”) with digiMINE, LLC, to acquire
certain cryptocurrency assets, consisting of (1) 150 assorted ASIC
miners and related mining equipment and (2) $175,000 in cash, to be
used for the purchase of 145 assorted Antminers by Bitmain
Technologies. The remaining capital will be deployed for the build
out for the 5,900 sq ft warehouse facility, located in Marlboro,
NJ.
Following the completion of this equity based and non-dilutive
acquisition, Integrated Ventures will own and operate 650 assorted
cryptocurrency miners, consisting of Antminer S9, Antminer L3,
Antminer X3, Antminer A3, Nemesis 8G and Panda B3 Pro models.
Pursuant to the executed APA, the aggregate consideration for
all the assets being acquired, consist of 16,666 Restricted
Preferred B Shares, to be issued to the digiMINE, LLC.
According to the terms of this equity based APA, the Company
will acquire rights to the multi-year lease agreement between
digiMINE, LLC and warehouse facility, equipped with 4,000 amp power
capacity and capable of hosting up to 1,500 mining rigs.
The Company is in final stages of consolidating of its mining
operations according to the following plan:
INTV will maintain all mining operations at Buck Rd, PA
(Location 1)
INTV is relocating all mining equipment from Armstrong St, PA to
Paul St, PA (Location 2)
INTV will commence mining operations at Boundary St, NJ, by the
middle of June (Location 3).
As result, the total hosting capacity, between all locations is
expected to reach 2,500 units.
Steve Rubakh, CEO of Integrated Ventures, Inc, comments: “We are
very excited about this non-dilutive transaction and Company's
prospects going forward. Our Q3, which is scheduled by be filed by
05/15/2018, will disclose zero dilution and convertible debt, solid
cash position and increase in revenue generating mining assets. For
past 60 days, the focus has been on streamlining mining operations
and adding mining power capacity. In addition, our team is panning
on launching a number of a blockchain powered initiatives, designed
to improve profitability and efficiency of cryptocurrency mining
operations.”
The closing of the APA is subject to customary closing
conditions and is expected to close on or before April 20, 2018.
The Company intends to file Form 8-K within 4 days of signing this
APA..
About Integrated Ventures Inc: Integrated
Ventures is focused on acquiring, launching and operating companies
in the cryptocurrency sector (“BitcoLab”), mainly in digital
currency mining, equipment manufacturing, sales of branded mining
rigs (“Nemesis”) and blockchain software development
(“LoanFunder”).
For more details, please visit www.integratedventuresinc.com.
***About Cryptocurrency Investments &
Risks***
Integrated Ventures urges all current and potential investors to
visit: (1) SEC website: https://www.sec.gov/news/public-statement/statement-clayton-2017-12-11,
(2) NASAA website: http://www.nasaa.org/44073/nasaa-reminds-investors-approach-cryptocurrencies-initial-coin-offerings-cryptocurrency-related-investment-products-caution/
and (3) FINRA website: https://www.finra.org/investors/highlights/dont-fall-cryptocurrency-related-stock-scams
to understand the risks
involved in cryptocurrency investing.
Safe Harbor Statement: The information posted
in this release may contain forward-looking statements within the
meaning of the Private Securities Litigation Reform Act of 1995.
You can identify these statements by use of the words "may,"
"will," "should," "plans," "explores," "expects," "anticipates,"
"continue," "estimate," "project," "intend," and similar
expressions. Forward-looking statements involve risks and
uncertainties that could cause actual results to differ materially
from those projected or anticipated. These risks and uncertainties
include, but are not limited to, general economic and business
conditions, effects of continued geopolitical unrest and regional
conflicts, competition, changes in technology and methods of
marketing, and various other factors beyond the company's
control.
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