Caza Gold Enters into Letter Agreement with Arctic Blockchain
Arctic is the sole shareholder of Hydro66 UK Limited ("Hydro66"), a company based in Boden, Northern Sweden, which is an award-winning datacenter company that has been operating since 2014, offering enterprise co-location services as well as mining cryptocurrency on its own account and for customers, continuously since inception. The Hydro66 flagship facility has installed operating capacity of 4MW with an additional 36MW of capacity under construction. Beyond the 40MW of power secured for the current expansion, Hydro66 has also reserved an additional 50MW of power capacity for future expansion. The facility is 100% environmentally friendly using hydro-power and an innovative building and cooling system was designed to allow for free air cooling 365 days per year. The build out to the full 40MW capacity will be completed by Q1 2019.
For more information please visit: www.hydro66.com
Information Concerning the Transaction
The Transaction terms set out in the Letter Agreement is subject to the parties successfully negotiating and entering into a definitive agreement in respect of the Transaction (the "Definitive Agreement"). The final legal structure for the Transaction will be determined after the parties have considered all applicable tax, securities law, and accounting efficiencies, however, it is intended that following completion of the Transaction former Arctic shareholders will hold approximately 98.2% of the resulting issuer and Caza shareholders will hold approximately 1.2% of the resulting issuer.
The closing date for the proposed Transaction is expected to be on or around April 30, 2018.
Management and Board of Directors of Resulting Issuer
Upon completion of the Transaction, it is expected that the board of directors and management of the resulting issuer will consist of the persons identified below.
- David Rowe — Chairman and Director;
- Anne Graf — CEO and Director;
- Richard Croft — Director;
- Richard Patricio — Director; and
- Michael Hudson — Director.
Further comprehensive information regarding the Transaction will be provided in a future press release at such time the parties execute a Definitive Agreement.
FOR MORE INFORMATION, PLEASE CONTACT:
Caza Gold Corp.
Lisa McCormack, Chief Executive Officer
Tel: (416) 361-2515
Neither the CSE nor its Regulation Services Provider accepts responsibility for the adequacy or accuracy of this release.
This news release contains certain "forward-looking information" within the meaning of applicable securities law. Forward looking information is frequently characterized by words such as "plan", "expect", "project", "intend", "believe", "anticipate", "estimate", "may", "will", "would", "potential", "proposed" and other similar words, or statements that certain events or conditions "may" or "will" occur. These statements are only predictions. Forward-looking information is based on the opinions and estimates of management at the date the information is provided, and is subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those projected in the forward-looking information. For a description of the risks and uncertainties facing the Company and its business and affairs, readers should refer to the Company's Management's Discussion and Analysis. The Company undertakes no obligation to update forward-looking information if circumstances or management's estimates or opinions should change, unless required by law. The reader is cautioned not to place undue reliance on forward-looking information.
Not for distribution to U.S. Newswire Services or for dissemination in the United States. Any failure to comply with this restriction may constitute a violation of U.S. Securities laws.