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iMining Completes Acquisition of CanETH

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Vancouver, British Columbia–(Newsfile Corp. – March 22, 2021) – Further to its press releases of February 3, February 12 and March 9, 2021, iMining Blockchain and Cryptocurrency Inc. (TSXV: IMIN) (the “Company” or “iMining“) is pleased to announce that the TSX Venture Exchange (“TSXV) has confirmed the Company has met the required filing requirements for the proposed acquisition of CanETH Staking Services Inc. (“CanETH“), (the “Acquisition“). The Company has now closed the Acquisition and the accompanying private placement of $2.155 million (the “Financing“). 

Effective on March 22, 2021 (“Closing”), the Company issued 28,000,000 common shares in the capital of the Company (“Shares“) to the shareholders of CanETH, in exchange for acquiring all of the outstanding shares of CanETH, such that CanETH became a wholly owned subsidiary of iMining. No new control block was created as a result of the Acquisition. Shareholders of CanETH that held a minimum of 5% of the outstanding CanETH shares prior to the Acquisition, along with certain directors of the Company, have entered into voluntary lock-up agreements pursuant to which they will not sell, transfer or pledge 50% of their Shares prior to July 5, 2021, which affects approximately 8,870,000 Shares.

On Closing, the Company’s previously issued 17,240,000 subscription receipts (“Receipts“), which grossed the Company $2,155,000, automatically converted into an equivalent number of units (the “Units”) each Unit comprised of one common share (a “Share”) and one-half of one common share purchase warrant (a “Warrant”), with each whole Warrant entitling the holder to purchase one Share at $0.245 for a period of two years following the closing date, provided that, if after four months and one day, the closing price of iMining’s Shares is equal to or greater than $0.45 per Share for 20 consecutive trading days, the Company may, by notice to the Warrant holders (which notice may be by way of general news release), reduce the remaining exercise period of the Warrants to not less than 30 days following the date of such notice. All securities issued in connection with the Receipts are subject to a hold period, expiring on July 5, 2021.

Aggregate compensations of $135,187.50 and 1,081,500 finders’ warrants (having the same general terms as the Warrants forming part of the Units) were paid by the Company to Canaccord Genuity Corp., and First Republic Capital Corporation and their selling groups as finders’ fees and commissions for that portion of the Financing attributable to their efforts. The finders’ warrants are subject to a hold period, expiring on July 23, 2021.

As one of the conditions of the Acquisition, upon Closing, Saleem Moosa will be appointed a director of the Company. Mr. Moosa is Chief Financial Officer of CanETH with over 12 years of international experience in the finance sector. Saleem started at a Middle East investment bank where he was involved in cross-border mergers and acquisition transactions, restructuring mandates and equity raising projects.

As a result of the Acquisition, CanETH has become the first publicly listed Ethereum 2.0 Staking Service in North America.

Daren Tung, CEO of CanETH says, “This is a significant step for blockchain technology and we’re excited to be leading the way for the growth of Ethereum 2.0 staking services. CanETH aims to become one of the world’s largest Ethereum staking companies, and we’re grateful to become a part of the iMining team to grow together for the benefit of our clients, investors, shareholders and the overall blockchain community.”

CanETH will be focusing its resources toward future growth, and expects to support existing and new validators with the release of their client portal in Q2, 2021. A focus on team growth will also ensure CanETH’s crypto, blockchain technology and investment knowledge will continue to be built to educate and support investors, to make ETH 2.0 staking easier for all.

Daren Tung adds, “As a result of our intensive R&D, our validators have maintained greater than 99% efficiency and 0 slashing, but our focus now will be on the continuous advancements in IP to ensure our clients can look to CanETH for further innovative investment solutions and greater value on their ETH investments.”

Robert Eadie, Chief Executive Officer and Director of iMining added, “CanETH’s proprietary secured, reliable, and scalable staking process is a major asset to iMining’s existing services, and will give our organization a significant edge in the crypto sector. We welcome Saleem Moosa, CFO of CanETH Staking Services, to the Board, as well as the entire team at CanETH.”

Business of CanETH

CanETH Staking Services is a Canadian-based company offering a staking solution for Ethereum 2.0, providing clients with a simplified on-ramp to participate in the ETH 2.0 Proof of Stake movement. Incorporating a proprietary, best-in-class staking process CanETH ensures robust security, reliability and scalability; while removing the technical complexity of deploying and managing validators.

For more information on CanETH Staking Services please visit www.caneth.com or email at [email protected].

ON BEHALF OF THE BOARD

Signed “Robert Eadie

Robert Eadie, Chief Executive Officer and Director

FOR FURTHER INFORMATION PLEASE CONTACT:

Contact: Robert Eadie
Telephone: 1-604-602-4935 ♦ Facsimile: 1-604-602-4936
Email: [email protected]
Website: www.imining.com

Neither the 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.

Forward-Looking Statements

This news release contains certain forward-looking statements, which relate to future events or future performance (including, but not limited to, future business operations of CanETH, and the proposed use of available funds) and reflect management’s current expectations and assumptions, and are based on assumptions made by and information currently available to the Company. Readers are cautioned that these forward-looking statements are neither promises nor guarantees, and are subject to risks and uncertainties that may cause future results to differ materially from those expected including, but not limited to, market conditions, availability of financing, actual results of CanETH’s activities, future cryptocurrency prices, operating risks, and other risks in the cryptocurrency industry. All the forward-looking statements made in this news release are qualified by these cautionary statements and those in our continuous disclosure filings available on SEDAR at www.sedar.com. These forward-looking statements are made as of the date hereof and the Company does not assume any obligation to update or revise them to reflect new events or circumstances save as required by applicable law.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/78004

Newsfile is a customer-focused newswire team that delivers press releases and corporate announcements to the global financial community. Approved by all stock exchanges, Newsfile offers broad access to media, analysts, investors and market participants. With agile services, proactive customer care and affordable pricing; Newsfile makes it easy for companies to tell their story to the audiences they need to reach.

Blockchain

Revolutionizing Fintech: 6G Digital & Rune Nilsson’s FlexM Global in a Bold $12.5M Deal Shaking the Banking Industry

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Blockchain

Teletubbies Digital Companions to Launch on the Tezos Blockchain

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MetaPals, an AI digital companion platform, is partnering with WildBrain’s beloved Teletubbies to bring together cherished childhood memories and the innovative digital era with the launch of the Teletubbies AI digital companions on 20 April, 2024.
As Teletubbies commemorates its 27th anniversary on 31 March, the collaboration marks the beginning of an exciting array of renowned IPs joining the ‘MetaPals Multiverse’ in 2024. Through the use of AI and blockchain technology powered by Tezos, much loved Tinky Winky, Dipsy, Laa-Laa, Po, and even Noo-Noo have become personalized, evolving digital companions within the MetaPals browser extension game engine.

The Teletubbies characters integrate with users’ daily browsing experience that accompanies users across the web, offering both playful interactions and practical assistance. This technology not only brings these fun characters to life in new, interactive ways, but also helps to enhance the mental well-being of users by fostering a sense of companionship.

Each Teletubbies companion within the MetaPals Multiverse will exhibit unique personality traits, offering users a diverse and dynamic experience. With personalities distributed across 5000+ Teletubby companions along a spectrum, users are guaranteed a one-of-a-kind experience, ensuring enjoyment for all and opportunities to foster new connections with this nostalgic brand.

Max Giammario, CEO of MetaPals, said: “Through this collaboration we’re not just revisiting Teletubbyland, we’re reinventing it for the digital age. By weaving in AI and blockchain, we enable the Teletubbies characters to evolve, interact, and form unique bonds with users, embodying our vision of dynamic digital companionship. With a bit of ‘MetaPals magic’, the Teletubbies are exploring beyond the hills and far away, ready to play, in ways we’ve never imagined.”

Melissa Goodrich, Director, Franchise Strategy at WildBrain, said: “We’re excited to see our colorful quartet come to life in new ways through this unique digital experience for fans. As we celebrate 27 years of the perennially popular Teletubbies franchise, this latest collaboration encapsulates the essence of childhood nostalgia while embracing the limitless possibilities of the digital age.”
Jason Lim, TZ Apac Games Adoption Team for the Tezos Ecosystem, said: “MetaPals will be pioneering the convergence of iconic IPs such as Teletubbies with the limitless possibilities of the Tezos blockchain. I can’t wait to see the magic they are brewing up next.”

The post Teletubbies Digital Companions to Launch on the Tezos Blockchain appeared first on HIPTHER Alerts.

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Blockchain

Alarum Announces Exciting Events Lineup and Welcomes Esteemed Advisor to NetNut’s Advisory Board

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