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VANCOUVER, BC, December 1, 2021 / PRNewswire / – LUXXFOLIO Holdings Inc. (the “Company” or “LUXXFOLIO”) (CSE: LUXX) (OTCQB: LUXFF) is pleased to announce that the 25 November 2021, through its wholly owned subsidiary Westblock Capital Inc. (“LUXX Mining Division“), he completed the order with CES Corporation (“THOSE“) on the immersion cooling system (the”Immersion system“), as previously announced on November 10, 2021.
The purchase price of the immersion system (the “Purchase price“) will be paid in part in cash and by the issuance of 612,000 common shares of the Company at a deemed price of $ 0.83 per share. Cypress Hills Partners Inc., or any of its affiliates, (“cogeneration“) has agreed to provide LUXX Mining Division with a senior secured loan facility to finance the cash portion of the purchase price (the”EstablishmentLUXX’s mining division will also be able to use the facility to acquire future bitcoin mining equipment.
Ken maclean, President of LUXX’s Mining Division, commented: “This facility gives us increased flexibility to pursue our aggressive expansion plans in 2022 and to be opportunistic in our capital purchases. “
The terms of the Facility will include:
- up to a maximum of $ 3 million, which can be worn at $ 5 million if agreed by both parties;
- a maturity date of 24 months after closing, on which date all of the borrower’s outstanding obligations become due;
- guaranteed by a general guarantee contract on the borrower and its subsidiaries, and a first charge on the equipment used for crypto mining;
- a variable interest rate payable monthly; and
- a start-up fee of 0.75%.
CHP, LUXX Mining Division and the Company have certain directors, officers and insiders in common. As such, the Facility is a related party transaction as defined in Multilateral Instrument 61-101. Protection of holders of minority securities in special transactions (“MI 61-101”). Based on article 5.5 (b) of MI 61-101, the Company is exempt from having to obtain a formal assessment. The Company also relied on section 5.7 (1) (a) of MI 61-101 to be exempt from the minority approval requirement on the grounds that neither the fair market value of the object of the object, nor the fair market value of the counterparty in fact, the Facility exceeded 25% of the market capitalization of the Company. The Company did not file a material change report 21 days previously as details of the installation had not been confirmed at that time.
About LUXXFOLIO
LUXXFOLIO Holdings Inc. is a publicly traded, vertically integrated digital asset company based in Canada. We operate an industrial scale cryptocurrency mining facility in United States, powered primarily by renewable energies, with a focus on the blockchain ecosystem and the generation of digital assets. LUXXFOLIO provides a liquid alternative for digital asset exposure for broader capital markets.
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www.luxxfolio.com
The CSE has not reviewed and accepts no responsibility for the adequacy or accuracy of this release.
Certain information contained herein may constitute “forward-looking information” under Canadian securities legislation. Generally, forward-looking information can be identified by the use of forward-looking terminology such as “will”, “expected” or variations of such words and phrases or statements indicating that certain actions, events or results “will” occur. produce. Forward-looking statements regarding the Company, its hosting operations, miners, hash rate and the Company’s development of its growth strategy are based on the Company’s estimates and are subject to known and unknown risks, uncertainties and other factors that could cause actual results. , the level of activity, performance or achievements of the Company and its subsidiary are materially different from those expressed or implied by such forward-looking statements or forward-looking information, including capital expenditures and other costs. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Therefore, readers should not place undue reliance on forward-looking statements and forward-looking information. The Company will not update any forward-looking statements or forward-looking information that are incorporated by reference herein, except as required by applicable securities laws.
SOURCE Luxxfolio Holdings Inc.
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https://www.luxxfolio.com/
