HOUSTON, Feb. 23, 2023 (GLOBE NEWSWIRE) -- via InvestorWire -- BlockQuarry Corp. (OTC: BLQC) (“BlockQuarry” or the “Company”), a Texas-based company with commercial-stage operations in the energy and infrastructure industry, focusing on cryptocurrency hosting and self-mining with a focus on Bitcoin, is pleased to announce the following to its shareholders.
The Company has secured $1.25 million in funding through the sale of its Preferred B Shares with RB Capital Partners, Inc. This funding will be booked as an asset for the Company and will not show up on the Company’s balance sheet as a liability, unlike a traditional bridge loan or convertible debenture. This booking of assets will allow the shareholder equity to be at a positive number for the first time in the Company’s history.
Alonzo Pierce, president and chair of BlockQuarry, stated, “This is a monumental moment for the Company and its shareholders, as it is the first time in BlockQuarry’s history that our shareholder equity is at a positive number. Our focus over the last few months has really been to drive as much value as possible by cleaning up the balance sheet and providing real value to our shareholders and investors.”
Pierce continued, “We are executing on our plan that we laid out to deliver as much value as possible on our journey to the Nasdaq. We hope our shareholders see the moves we are making and what we have in store.”
The Company’s operational highlights over the last few months include:
- Cancelled $5 million in convertible debt over the last quarter.
- Extended all convertible debt out of default with RB Capital Partners, Inc.
- Reduced the overall liabilities on the balance sheet by 30%.
- Signed an LOI with Minerset to merge into BlockQuarry.
- The Company’s shareholder equity will be at an approximate positive $500,000 versus a negative $5.8 million at the end of Q3. This represents a $6.3 million dollar swing from the negative to positive in less than two quarters.