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iMining Enters into an Agreement to Acquire a 4MW Power Project in Alberta

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Vancouver, British Columbia–(Newsfile Corp. – November 28, 2022) – iMining Technologies Inc. (TSXV: IMIN) (the “Company” or “iMining”) is pleased to announce that it has entered into a Letter of Intent (“LOI”) to purchase a 4MW Power Project (the “Project”) in Alberta. The Project will be the first acquisition for iMining Technologies Inc. under its new strategy of being an Energy focused company.

The Project is located in Alberta and is capable of generating up to 4 MW per hour by using low-cost natural gas to run the Rolls Royce turbine. The Project has an existing interconnection agreement with Fortis Alberta (“Fortis”) which is due to expire on 31st December 2027. Under the agreement with Fortis, the power plant is operated as a peaking plant (whereby electricity is only supplied by the plant to the electrical grid if certain minimum power price thresholds are met). However, during the times when Fortis does not need the power, the plant may generate power for self-use purposes.

The current market prices have impacted the Digital Asset mining space, forcing many miners to either go into bankruptcy or ceasing operations altogether. The largest cost of operation for a digital asset miner is the Energy cost and the rapid decline in price of Digital Assets against relatively stable input costs has had an adverse impact. Given the current market dynamics and with the future in mind, iMining has decided to focus on an Energy first strategy to become a fully integrated Energy company enabling future technologies.

“This is a sizeable Power Project acquisition for our portfolio and is in-line with our ambitions to be an Energy first company. This acquisition solidifies our transformation to an energy company of the future, using state of the art carbon emission technologies and strategies,” said Khurram Shroff, the Chairman and the CEO of iMining. “This facility is currently being operated as a peaking plant and we intend to continue to operate it as such until we start our Data Center operations. We have the ability to expand the existing facility by an additional 6MW, which can either be sold to the electrical grid in Alberta and /or be used to power our data center operations generating multiple revenue streams,” added Mr. Shroff.

About iMining Technologies Inc.

iMining is a publicly traded company that invests in energy infrastructure, blockchain technology and Web3.0 ecosystem. It is developing sustainable energy and technology solutions for Data Center operations. With diverse investment and infrastructure solutions, iMining looks to be an Energy first company enabling the growth of future technologies and is committed to building a sustainable and environmentally friendly Energy company of the future. To learn more about iMining Technologies, visit www.imining.com.

ON BEHALF OF THE BOARD

Signed “Khurram Shroff
Khurram Shroff, President & CEO

FOR FURTHER INFORMATION, please contact:
iMining Corporate Offices:
Saleem Moosa, Director
Email: [email protected]
Telephone: 1-604-602-4935
Toll Free: 1-866-602-4935

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, 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 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/145954

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

Decentralized Finance (DeFi) Market to Surpass USD 446.43 Billion by 2031 | SkyQuest Technology

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Blockchain

Merging Traditions with Fintech and Blockchain Innovations

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Financial Evolution: Merging Traditions with Fintech and Blockchain Innovations at MARE BALTICUM Gaming & TECH Summit

The financial industry is undergoing a seismic shift as fintech and blockchain technologies pave the way for unprecedented innovation and transformation. At the upcoming MARE BALTICUM Gaming & TECH Summit, a high-profile panel titled “Financial Evolution: Merging Traditions with Fintech and Blockchain Innovations” will delve deep into this exciting evolution. This session will explore how established financial institutions are integrating these advanced technologies to revolutionize services, enhance security, and increase efficiency.

Moderator: Anna Agu

Leading the panel is Anna Agu, CEO and Managing Partner at Lex Law Office OU and Director at Lex Law Office LT UAB. With her extensive legal expertise in the fintech sector, Agu is perfectly positioned to guide the discussion, ensuring a thorough exploration of the delicate balance between maintaining traditional financial principles and embracing innovative technologies.

Panelists:

  • Merit Leib – Compliance Consultant at LEIB Regulatory & Compliance Risk Consulting
  • Astra Tikas – Founding Board Member of INO (Internet Native Organization)
  • Dr. Dean Rakic – Chief Scientist at Blockcontrol
  • Saulius Racevicius – Senior Associate of PSP Lab LLP and Board Member of the Fintech Hub LT
  • Evaldas Krampas – CEO at SpectroCoin and Head of Crypto Hub Lithuania

Why Attend?

The “Financial Evolution: Merging Traditions with Fintech and Blockchain Innovations” panel at the MARE BALTICUM Gaming & TECH Summit is a must-attend for professionals across the financial sector. Here’s why:

  1. Gain Comprehensive Insights: Learn from top experts about the latest trends, challenges, and opportunities in fintech and blockchain.
  2. Regulatory Perspectives: Understand the importance of compliance and how to navigate regulatory challenges effectively.
  3. Technical Knowledge: Dive deep into the technical aspects of blockchain integration and learn about cutting-edge developments.
  4. Practical Implementation: Gain practical insights into how traditional financial institutions are successfully integrating new technologies.
  5. Networking Opportunities: Connect with industry leaders and peers who are driving innovation in finance.

Join Us

This panel provides a unique opportunity to stay ahead of the curve in the rapidly evolving financial landscape. Join us at the MARE BALTICUM Gaming & TECH Summit to explore how fintech and blockchain technologies are reshaping finance and what it means for the future. Engage with industry leaders, gain actionable insights, and network with peers at the forefront of financial innovation.

Secure your spot today and be part of this transformational journey. Don’t miss the chance to be involved in discussions that will shape the future of finance. See you at the MARE BALTICUM Gaming & TECH Summit!

The post Merging Traditions with Fintech and Blockchain Innovations appeared first on HIPTHER Alerts.

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Blockchain

North America B2C E-Commerce Market & Payment Innovation Trends Report 2024 – By 2025, Digital Wallets are Expected to Make Up Over a Quarter of Canada’s Online Payments

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