VANCOUVER, BC, Nov. 26, 2021 /CNW/ - LUXXFOLIO Holdings Inc. (the "Company" or "LUXXFOLIO") (CSE: LUXX) (OTCQB: LUXFF), a vertically-integrated digital asset company, reports that all final conditions have been satisfied and is pleased to announce that it has closed its acquisition of Blackcloud Crypto Investments (the "Seller" or "Blackcloud"), as announced on NR Sept. 7, 2021.
Under the Purchase Agreement, as amended, the Company will now issue 500,003 common shares in exchange for 88 Ethereum mining machines ("Ethereum Miners"), the Seller's Hosting Portable Container, and 52 Ethereum coins. These Miners are expected to mine between 12-15 Ethereum per month.
Ken MacLean, President of LUXX Mining Division commented, "This is an opportunistic acquisition that we believe will have a quick payback under Ethereum's current Proof of Work validation model. Strategically, we view this as a low-risk opportunity to own and manage other digital assets that we believe will lead to other opportunities for LUXXFOLIO".
Ryan Johnson, CEO of Blackcloud commented, "We are excited to have created the opportunity for our shareholders to participate in the growth that the team at LUXXFOLIO is creating and look forward to participating in their continued success into the future."
Recent Company Highlights
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Date
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Milestones
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Dec 2020:
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LUXXFOLIO orders 590 Avalon miners (NR Dec. 24, 2020);
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May 2021:
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LUXXFOLIO orders 2400 Bitmain S19J Pro miners (NR May 3, 2021);
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Jun 2021:
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LUXXFOLIO completes acquisition of industrial scale crypto mining operation (NR Jun. 15, 2021);
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Jul 2021:
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LUXXFOLIO receives and installs 590 Avalon miners (NR Jul. 19, 2021);
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Aug 2021:
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LUXXFOLIO announces expansion to increase capacity from 8MW to 15 MW (NR Aug. 12, 2021);
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Aug 2021:
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LUXXFOLIO reinvests price rebate and installs an additional 100 Bitmain S19J Pro miners (NR Aug. 4, 2021);
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Sep 2021:
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LUXXFOLIO enters into agreement to acquire Ethereum mining operation (NR Sep. 7, 2021);
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Sep 2021:
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LUXXFOLIO enters into swap agreement on 600 miners and receives early delivery on 300 (NR Sep. 20, 2021).
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Sep 2021:
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LUXXFOLIO DTC application approved (NR Sep. 23, 2021)
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Oct. 2021:
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LUXXFOLIO accepts early delivery of an additional 75 Miners (total of 675 early deliveries) resulting in a Hash Rate increase of 144% since Sept. 1 2021 (NR Oct. 14, 2021).
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Oct. 2021:
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LUXXFOLIO confirms order for additional 500 Bitmain S19J Pro miners thereby increasing anticipated future hash rate to 360 PH/s (NR Oct. 21, 2021)
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Nov 2021:
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LUXXFOLIO Procures Immersion-Cooling for Crypto Mining Operations with anticipated 25% Increase in Hash Rate (NR Nov. 10, 2021)
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Nov 2021
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LUXXFOLIO accepts early delivery of an additional 100 Miners (total of 735 early deliveries) resulting in a Hash Rate increase of 162% since Sept. 1 2021 (NR Nov. 16, 2021)
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Estimated Calendar Miner Delivery Dates
- Q4 2021: 190 Miners
- Q1 2022: 600 Miners
- Q2 2022: 1100 Miners
- Q3 2022: 300 Miners
About LUXXFOLIO
LUXXFOLIO Holdings Inc. is a publicly-traded vertically-integrated digital asset company based in Canada. We operate an industrial scale cryptocurrency mining facility in the United States, powered primarily by renewable energy, with a focus on the blockchain ecosystem and generation of digital assets. LUXXFOLIO provides a liquid alternative for exposure to digital assets for the broader capital markets.
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The CSE has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.
Certain information contained herein may constitute "forward-looking information" under Canadian securities legislation. Generally, forward-looking information can be identified by the use of forward-looking terminology such as "will be", "expected", or variations of such words and phrases or statements that certain actions, events, or results "will" occur. Forward-looking statements regarding the Company, its hosting operations, miners, hash rate, and the Company's development of its growth strategy are based on the Company's estimates and are subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of the Company and its subsidiary to be materially different from those expressed or implied by such forward-looking statements or forward-looking information, including capital expenditures and other costs. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements and forward-looking information. The Company will not update any forward-looking statements or forward-looking information that are incorporated by reference herein, except as required by applicable securities laws.
SOURCE Luxxfolio Holdings Inc.
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