As announced by the company on Dec. 6, Canada One Mining Corp.’s board of directors has initiated a strategic review of the company’s existing portfolio of assets, which includes an evaluation of potential transactions in the blockchain and cryptocurrency sector, to determine whether such transactions are in the interest of shareholders.
In connection with that review, Canada One has signed a letter of intent with a privately held company at the forefront of blockchain-based transaction verification, commonly known as cryptocurrency mining, with a view to evaluating its existing assets and operations. The principals of the private company have extensive experience in commercial cryptocurrency mining operations and are in the process of establishing second-generation facilities. These facilities will mine multiple types of cryptocurrency, with the objectives of maximizing profitability by integrating newly developed industry-leading technology with optimized layout configurations and innovative proprietary cooling methods.
Readers are cautioned that the letter of intent entered into by the company does not set forth the terms of a potential transaction nor have such terms been negotiated or finalized. Completion of any transaction is subject to a number of conditions, including, but not limited to, completion of due diligence, negotiation of definitive agreements in respect of such a transaction, the availability of financing on terms acceptable to the company, and the receipt of any required regulatory and shareholder approvals. A transaction cannot be completed until these conditions are satisfied, and there can be no assurance that such a transaction, or any transaction in the blockchain and cryptocurrency sector, will be completed at all.