HyperBlock to Acquire CryptoGlobal for $106M In A Canadian Equity Transaction

HyperBlock to Acquire CryptoGlobal for $106M In A Canadian Equity Transaction

General Uncategorized
April 6, 2018 by Bitzamp
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HyperBlock to Acquire CryptoGlobal for $106M In A Canadian Equity Transaction Canadian technology company HyperBlock Technologies Corp., concluded that it had reached an agreement with CryptoGlobal, another crypto mining firm in a $ 106 million Canadian equity transaction. The acquisition is expected to be completed by the end of May 2018, to the satisfaction of
Bitzamp

HyperBlock to Acquire CryptoGlobal for $106M In A Canadian Equity Transaction
Canadian technology company HyperBlock Technologies Corp., concluded that it had reached an agreement with CryptoGlobal, another crypto mining firm in a $ 106 million Canadian equity transaction.

The acquisition is expected to be completed by the end of May 2018, to the satisfaction of customary conditions and approval of shareholders of both companies, the Ontario Court of Justice and the TSXV.
The combined entity will operate under the name Hyperblock Technologies Corp., and list on the Canadian Securities Exchange. If it succeeds, the deal will become one of the largest in the cryptocurrency market.

“Combining HyperBlock’s large-scale Mining-as-a-Service model with Cryptoglobal’s existing mining, custodial storage and crypto trading businesses, creates a strong foundation for both organic growth and growth through acquisition. We are poised to become a global leader and consolidator in Cryptocurrency mining and asset management,” stated Hyperblock CEO Sean Walsh.

Walsh said HyperBlock has recently completed the purchase of one of the largest operating and crypto mining hosting facilities in the United States in North America. With the CryptoGlobal acquisition agreement, this puts the company in a different position in North America, he said.
HyperBlock expects approximately 60.4 million shares of common stock for CryptoGlobal shareholders in connection with the purchase. After the closing of the transaction, the shareholders of CryptoGlobal own approximately 25.2 percent of the combined company.


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