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HyperBlock secures $3.5M financing to power up crypto mining data center

New servers to increase computational power at US datacenter...

Published by CryptoNinjas.net
01/21/2020
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HyperBlock secures $3.5M financing to power up crypto mining data center

HyperBlock, an operator of cryptocurrency data centers in North America, today announced it has secured up to USD $3,540,000 in financing. The three-year agreement will allow the company to invest in additional Bitmain servers, aimed to increase HyperBlock’s maximum hashrate capacity.

Bank of Montana is the lender under the financing agreement. Bonner Property Development, LLC – the owner of HyperBlock’s US datacenter – has provided a guarantee in respect of the company’s obligations.

Loan

The loan is to be repaid over three years at approximately 15% interest and, as consideration for the guarantee provided by Bonner Property Development.

HyperBlock will issue warrants equal to 15% of the maximum principal amount of the loan divided by the warrant exercise price. The issuance of the warrants is conditional on the revocation of the cease trade orders in respect of the company’s securities and the resumption of trading of its common shares. The loan is effective as of January 9, 2020.

This financing demonstrates ongoing support for HyperBlock from local Montana business community leaders. HyperBlock confirmed that it intends to use the proceeds to place a new order for additional next-generation Bitmain bitcoin servers, which are scheduled for February 2020 delivery.

The company believes its ability to secure financing despite the ongoing volatility in cryptocurrency mining, is attributable to its strong operating fundamentals and strong business partner relationships. In 2019, HyperBlock began 16nm server replacement, and accepted the delivery of two next-generation Bitmain server orders.

Update on 2019 Quarterly Financials and CTO Status

HyperBlock expects to soon release its Q1, Q2, and Q3 2019 financials, management’s discussion and analysis and related officer certifications, together with any other filings required to bring its continuous disclosure record current. As previously announced, the company will apply to have the cease trade orders in respect of its shares revoked.

However, revocation is not expected to occur until the company’s outstanding continuous disclosure filings have been made and an order revoking the cease trade orders are issued and there can be no assurance that the cease trade orders will be revoked.

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Via: hyperblock.co
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