CALGARY, Alberta, April 19, 2018 (GLOBE NEWSWIRE) -- Further to the press release issued this morning by Vogogo Inc. (“Vogogo” or the “Company”) (CSE:VGO), the Company announces that it has now also secured an option (the “Option”) to purchase electrical and HVAC equipment (the “Equipment”) to be used for further expansion of its cryptocurrency mining activities, to be installed at a location to be determined. The purchase price for the Equipment under the Option is $20 million CAD and will service approximately 35 megawatts of electrical power. If the Option is exercised and the Equipment deployed in a suitable facility, in total the Company will have access to approximately 74 megawatts of low-cost electrical power. The Company can exercise the Option within 180 days of closing the previously announced acquisition of 14,000 cryptocurrency mining machines and supporting infrastructure.
Vogogo will be required to raise capital to fund the $36 million cash portion of the previously announced acquisition (in equity and/or debt) and, if the Company decides to exercise the Option, the $20 million purchase price of the Equipment. In that regard, the Company is currently in the process of engaging investment banks to assist with such capital raise.
About Vogogo Inc.
Vogogo currently operates its cryptocurrency mining activities at a state-of-the-art facility in Pointe-Claire, Québec. This includes mining for cryptocurrencies for its own account, as a service for third party customers and within mining pools. As it continues to embrace blockchain technology, Vogogo is exploring opportunities in all aspects of the cryptocurrency segment, including the three verticals of mining, payments and currency exchange.
For information or interview please contact:
John Kennedy FitzGerald
Chief Executive Officer and President
403-648-9292
READER ADVISORY
Neither the Canadian Securities Exchange (“CSE”) nor the Market Regulator (as that term is defined in the policies of the CSE) accepts responsibility for the adequacy or accuracy of this press release.
Cautionary Note Regarding Forward-Looking Statements
This press release contains certain forward-looking statements. All information, other than information regarding historic fact that addresses activities, events or developments that the Company believes, expects or anticipates will or may occur in the future is forward-looking information. The words “will,” “anticipate,” “believe,” “estimate,” “expect,” “intent,” “may,” “project,” “should,” and similar expressions are intended to be among the statements that identify forward-looking statements. The forward-looking statements are founded on the basis of expectations and assumptions made by Vogogo. Readers are cautioned that assumptions used in the preparation of such information may prove to be incorrect. Events or circumstances may cause actual results to differ materially from those predicted as a result of numerous known and unknown risks, uncertainties, and other factors, many of which are beyond the control of Vogogo. Vogogo does not have any obligation to update or revise any forward-looking statements except as expressly required by applicable securities laws.