CryptoCurrency

HashChain Technology Completes Acquisition of Cyrptocurrency Mining Companies – $KASH

HashChain Technology Inc. (TSXV: KASH) (OTCQB: HSSHF) is pleased to announce it has closed its acquisition of two cryptocurrency mining companies (the “Targets”) contributing an aggregate total of 2,500 additional Antminer S9 Rigs (“Rigs”) to HashChain’s existing 9,495 Rigs. HashChain acquired all of the issued and outstanding shares of the Targets for an aggregate of 57.4 million HashChain shares (the “HashChain Shares”) at a deemed price of $0.17 per share.

HashChain currently operates 8,495 Rigs at approximately 13 megawatts (“MW”) of computing power in the Company’s Vancouver, Montana, and Buffalo mining facilities. Upon deployment of an aggregate total of 11,995 Rigs, including the recently acquired 3,500 Rigs, HashChain is expected to be mining with approximately 17.5 MW of power.

The Company is also pleased to announce the execution of a loan agreement dated July 30, 2018 (the “Loan”).  The Loan is a revolving loan secured against the Company’s cryptocurrency holdings.  The Loan requires monthly interest only payments, which accrue at annual rates ranging from 10-18% depending on the initial loan to value ratio. The Loan matures 24 months from the initial advance and the maximum amount of funds available is equal to 50% of the Company’s cryptocurrency value at the date of the draw.

The Company’s cryptocurrency balance  as of today consists of  CAD $2.2M from Bitcoin and CAD $550,000 from Dash, based on coinmarketcap.com prices for both digital currencies on August 15, 2018 (CAD $8,292, CAD $202). HashChain continues to mine cryptocurrency.

Subsequent increases to the value of cryptocurrency from the time of the initial draw will result in additional funding availability. The Loan is expected to provide flexibility from a cash flow perspective, allowing the Company to hold coins and take advantage of favorable cryptocurrency fair values in the future.

“This loan will allow us the financial flexibility to continue on our strategic path of building upon our inventory of coins and growing our footprint in the cryptocurrency space,” says Patrick Gray, CEO of HashChain. “With the closing of the acquisition of 2,500 additional Bitcoin rigs, HashChain’s mining operations is expected to total 11,995 Rigs consuming approximately 17.5 megawatts of power.”

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