Blockchain Mining approves the Company’s merger with Backbone Hosting Solutions
OREANDA-NEWS. April 02, 2018. Blockchain Mining Ltd. (“BLCM” or the “Company”) (TASE:BLCM) (OTC:BITFY) is pleased to announce that shareholders have voted to approve the Company’s merger with Backbone Hosting Solutions Inc. (“Bitfarms”), one of the largest blockchain technology companies in the world, at an Extraordinary General Meeting held last Thursday.
As previously announced on January 14, 2018, the Company entered into a Definitive Share Exchange agreement wherein BLCM would acquire 60.7% of the issued and outstanding shares of Bitfarms in the first phase of the transaction. Closing is expected to occur later in April and remains subject to customary closing conditions.
Shareholders also approved the appointment of Nicolas Bonta, Emiliano Joel Grodzki, Pierre-Luc Quimper and Rodrigo Sebastian Menendez as Directors of BLCM.
About Blockchain Mining Ltd.
Blockchain Mining Ltd. (TASE:BLCM) (OTC:BITFY) through its pending transaction with Backbone Hosting Solutions Inc. (Bitfarms) will own and operate blockchain farms that power the global decentralized financial economy. Bitfarms provides computing power to cryptocurrency networks such as bitcoin, bitcoin cash, ethereum, litecoin, and dash earning fees from each network for securing and processing transactions 24/7. Since 2013, predecessors to Bitfarms have constructed 4 farms in Quebec, Canada, which have 27.5 MW of installed capacity and over 200 Ph/s of installed hash-power. Bitfarms construction pipeline includes an additional 5 farms with a total of 167.5 MW of power capacity, including current operations. For more information on Bitfarms, visit: www.bitfarms.io.Cautionary Statement
Completion of the business combination transaction is subject to a number of conditions and there can be no assurance that the transaction will be completed as proposed or at all. Investors are cautioned that, except as disclosed in the Company’s regulatory disclosures prepared in connection with the transaction, any information released or received with respect to the transactions described herein may not be accurate or complete and should not be relied upon. Trading in the securities of the Company should be considered highly speculative.
No stock exchange, securities commission or other regulatory authority has approved or disapproved the information contained herein. The Tel Aviv Stock Exchange has neither approved nor disapproved the contents of this press release.
This news release contains certain “forward-looking information” within the meaning of applicable Canadian securities laws that are based on expectations, estimates and projections as at the date of this news release. The information in this release about the proposed business combination, and the future plans and objectives of the Company, are forward-looking information. Other forward-looking information includes but is not limited to information concerning: the intentions, plans and future actions of the Company following the business combination, the previously announced financing of the Company, the timing for the implementation of the business combination, the listing of the Common Shares on stock exchanges, the potential benefits of the business combination, and the likelihood of the business combination being completed, as well as Bitfarm’s ability to successfully mine digital currency, revenue increasing as currently anticipated, the ability to profitably liquidate the current digital currency inventory, fluctuations in digital currency prices and the resulting significant negative impact on the Company’s operations, the volatility of digital currency prices, the construction and operation of expanded blockchain infrastructure as currently planned, the ability to complete the proposed and future financings, and no regulation or law that will prevent Bitfarm from operating its business.
Any statements that involve discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions, future events or performance (often but not always using phrases such as “expects”, or “does not expect”, “is expected”, “anticipates” or “does not anticipate”, “plans”, “budget”, “scheduled”, “forecasts”, “estimates”, “believes” or “intends” or variations of such words and phrases or stating that certain actions, events or results “may” or “could”, “would”, “might” or “will” be taken to occur or be achieved) are not statements of historical fact and may be forward-looking information and are intended to identify forward-looking information.