Block One Capital Inc. (TSXV: BLOK, Frankfurt: ES3) (the “Company” or “Block One”), is, at the request of IIROC and the TSX Venture Exchange, retracting and clarifying its revenue projection in its news release of even date, as it cannot be relied upon due to the volatile price of Bitcoin. There can be no assurances that the price of Bitcoin will remain at current levels and no assurances that Bitcoin can be profitably mined due to, among other factors, increases to hashrates.
The full text of the clarified and corrected news release follows.
VANCOUVER, BRITISH COLUMBIA – January 03, 2018 – Block One Capital Inc. (TSXV: BLOK, Frankfurt: ES3) (the “Company” or “Block One”), is pleased to announce that it has entered into a binding agreement (the “Agreement”) with TG12 Ventures Inc. (“TG12”), a newly formed private arm’s length British Columbia company, to acquire 90% of its issued and outstanding shares for US$2,910,000 (the “Cash Payment”).
TG12 is commencing a diversified digital currency mining operation pursuant to which it has agreed to acquire two thousand (2000) Bitmain S9 Antminers (“Antminers”), with the first one thousand (1000) Antminers expected to begin operations in Q1-2018, and the remaining Antminers expected to begin operations in Q2-2018. TG12 has advanced the Cash Payment as a deposit for the initial 1000 Antminers, and will be required to advance a further US$3,000,000 in order to complete the purchase of the remaining 1000 Antminers.
The Antminers are planned to operate at a co-location facility in Central Canada or the Northwestern United States, where the all-in cost of operating the miners, inclusive of electricity, rent, cooling, general rig maintenance and management, is US$0.10 per kilowatt hour.
“We are excited to be moving forward with our investment in TG12 and the potential ROI of the investment has moved favorably with the appreciation in bitcoin over the past several months. In addition to the TG12 investment we have been working towards building a strong pipeline of compelling opportunities in the cryptocurrency and blockchain space and look forward to sharing them in the coming weeks,” said Mr. David Berg, CEO and Director of Block One.
For more information on Block One please visit the Company’s website at: www.blockonecap.com.
ON BEHALF OF THE BOARD
Chief Executive Officer and Director