TAAL Acquires 60,000 sq/ft Facility to Mine Bitcoin at an Industrial Scale
- 50-MW energy will power up to 2 Eh/s of mining capacity
- New Brunswick based facility will become TAAL's cornerstone Bitcoin mining asset
- New Brunswick Power Corporation ("NB Power") supplies energy that is over 80% non-emitting, over 40% from renewables
TORONTO, Nov. 15, 2021 /CNW/ - TAAL Distributed Information Technologies Inc. (CSE: TAAL) (FWB: 9SQ1) (OTC: TAALF) ("TAAL" or the "Company"), a vertically integrated blockchain infrastructure and service provider for enterprise, today announces that it has signed a definitive share purchase agreement to acquire 100% of the shares of Chief Fuels Inc. from its shareholders ("Vendors"). With this acquisition, TAAL adds significant Canadian clean energy resources to power up to 2 Eh/s of blockchain computers in New Brunswick, Canada.
"This acquisition enables us to build long-term assets on our balance sheet and complements our blockchain transaction processing strategy, which prepares for blockchain transaction fees to eclipse block reward subsidy in the long term," said Stefan Matthews, Executive Chairman and CEO of TAAL.
Upon completion of this acquisition, TAAL will be the owner of a 60,000 sq/ft facility in Grand Falls, New Brunswick, and will partner with NB Power to build out 50 megawatts of power to supply a dedicated Bitcoin mining and transaction processing operation.
The total purchase price of 3,437,500 TAAL shares is to be issued to the Vendors pursuant to the achievement of certain milestones over time. The Vendors have agreed that the shares will also be subject to lockups. First shares will not be free to trade until January 2023.
"We welcome our new partners and shareholders as we embark on the next leg of growth for TAAL. We also thank all our new neighbors and stakeholders in New Brunswick, as we look to make a positive impact in our new community," added Chris Naprawa, President of TAAL.
"Thank you to TAAL for these very important investments that will not only provide quality employment but will also help to strengthen our economy," Hon. Chuck Chaisson, MLA (Member of the Legislative Assembly).
TAAL's Board of Directors has approved the acquisition, as has the board of directors and the shareholders of Chief Fuels. Final closing remains subject to customary closing conditions, including receipt of regulatory approvals, including acceptance by the Canadian Securities Exchange. The acquisition is expected to close on or about January 1, 2022.
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About TAAL Distributed Information Technologies Inc.
TAAL Distributed Information Technologies Inc. delivers value-added blockchain services, providing professional-grade, highly scalable blockchain infrastructure and transactional platforms to support businesses building solutions and applications on the BSV platform, and developing, operating, and managing distributed computing systems for enterprise users. BitcoinSV Blockchain is the world's largest public blockchain by all major utility metrics, data storage, daily transaction volume, scaling ability, and average block size.
Visit TAAL online at www.taal.com.
The CSE, nor its Regulation Services Provider, accepts no responsibility for the adequacy or accuracy of this release.
CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING INFORMATION
Certain statements included in this news release constitute "forward-looking information" as defined under applicable Canadian securities legislation. The words "will", "intends", "expects" and similar expressions are intended to identify forward-looking information, although not all forward-looking information will contain these identifying words. Specific forward-looking information contained in this news release includes but is not limited to statements regarding: the number of machines that will be deployed, the dates of such deployment, and the number of BSV blocks that will be won through TAAL's operations in the future. These statements are based on factors and assumptions related to historical trends, current conditions and expected future developments. Since forward-looking information relates to future events and conditions, by its very nature it requires making assumptions and involves inherent risks and uncertainties. TAAL cautions that although it is believed that the assumptions are reasonable in the circumstances, these risks and uncertainties give rise to the possibility that actual results may differ materially from expectations. Material risk factors include delays in equipment deliver, expected operation, network conditions in the future and other risks set out in TAAL's Annual Information Form for the financial year ended December 31, 2020 dated April 30, 2021 under the heading Risk Factors and elsewhere in TAAL's continuous disclosure filings available on SEDAR at www.sedar.com. Given these risks, undue reliance should not be placed on the forward-looking information contained herein. Other than as required by law, TAAL undertakes no obligation to update any forward-looking information to reflect new information, subsequent or otherwise.
SOURCE Taal Distributed Information Technologies Inc.
Matt Whitcomb, Investor Relations, [email protected] 604-260-6142; Stefan Matthews, CEO & Executive Chairman, [email protected]; Chris Naprawa, President, [email protected]
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