Khan Resources Announces Investment in Arctic Blockchain Ltd.
With a commitment of $2.5 million, Khan was the largest single investor in a $10 million convertible debenture financing that will facilitate Hydro 66's growth plans and is also intended to be the final private financing round prior to a Canadian public listing planned for Q2/2018. Compete details of the Arctic / Hydro 66 transaction can be found at: https://www.newswire.ca/news-releases/arctic-blockchain-completes-financing-and-acquisition-of-hydro66-675574113.html
Marc Henderson, interim CEO of Khan states : "We looked at many high impact opportunities to relaunch Khan as an active company and within the sectors that currently have the best combination of capital markets dynamism and future long-term growth prospects, Blockchain clearly stands out. Within that sector, the Arctic opportunity was clearly differentiated by its deeply experienced technical team and the natural geographic advantage conferred by its Northern Swedish location where the combination of low cost hydro power and ambient cooling are hard to replicate and provide a significant operating cost advantage. As part of our investment, Khan has the right to maintain it's pro-rata participation in the future equity raises and we look forward to a long relationship with the Company." Henderson further added "this investment represents out initial investment in the sector and may make other Blockchain related investments or Investments into other sectors with attractive growth profiles."
Cautionary Note Regarding Forward-Looking Information
This news release contains "forward-looking information" within the meaning of applicable securities laws. Generally, any statements that are not historical facts may contain forward-looking information, and forward-looking information can be identified by the use of forward-looking terminology such as "plans", "expects" or "does not expect", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates" or "does not anticipate", or "believes", or variations of such words and phrases or indicates that certain actions, events or results "may", "could", "would", "might" or "will be" taken, "occur" or "be achieved". Forward-looking information includes, but is not limited to the Company's goal of making investments in the blockchain and other sectors and enhancing value. There is no assurance that the Company's plans or objectives will be implemented as set out herein, or at all. Forward-looking information is based on certain factors and assumptions the Company believes to be reasonable at the time such statements are made and is 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 to be materially different from those expressed or implied by such forward-looking information. There can be no assurance that such forward-looking information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such information.
Accordingly, readers should not place undue reliance on forward-looking information. Forward-looking statements are made based on management's beliefs, estimates and opinions on the date that statements are made and the Company undertakes no obligation to update forward-looking statements if these beliefs, estimates and opinions or other circumstances should change, except as required by law. Investors are cautioned against attributing undue certainty to forward-looking statements.
For further information contact:
Khan Resources Inc.
Marc Henderson, interim Chief Executive Officer
Toronto, Canada +1 (416) 599 7363