Vancouver, British Columbia–(Newsfile Corp. – November 25, 2021) – Aquarius AI Inc. (CSE: AQUA) (“AQUA” or the “Firm”), is happy to announce that it has bought 100 Bitmain S19 Professional 100 TH/s mining rigs (“Rigs”) and has additional entered right into a non-binding letter of intent with Compass Mining Inc (“Compass”) for the availability and internet hosting of a further 1,000 Rigs.
Owen Sagness, Director of Operations at AQUA states, “Compass’ dedication to this partnership will carry finest at school internet hosting capability, administration, and ASIC procurement companies to bear and permit AQUA to scale the mining operation as shortly and effectively as potential”. He additional added, “Beneath the preliminary buy settlement, AQUA has bought $1,000,000 value of subsequent era ASIC Bitcoin miners for internet hosting with Compass. Over the subsequent few months, Compass Mining will provide and host a steady circulation of ASIC miners for AQUA in diversified places.”
The Firm bought the preliminary batch of 100 Rigs for USD$970,030, which it paid for in money. The preliminary 100 Rigs are anticipated to be delivered in February 2022, and are anticipated to be dwell and producing Bitcoin throughout Q1 2022, at an anticipated mixture of 10 PH/s.
The extra 1,000 Rigs are anticipated to be delivered and operational throughout Q2 2022. When totally operational, the Rigs are anticipated to generate an mixture of 100 PH/S. When mixed collectively, the Firm anticipates an total hashrate of 110 PH/s and using slightly below 3.5 MW of primarily carbon impartial energy.
The Firm intends to finance the acquisition of the 1,000 Rigs although debt financing and, has entered right into a non-binding time period sheet (“Time period Sheet”) setting out potential phrases for a lending association (the “Mortgage”) with Invictus Enterprises Inc (“Invictus”), a Canadian primarily based funding administration firm. Pursuant to the Time period Sheet, AQUA could borrow as much as $10,000,000 from Invictus for the acquisition of further Rigs plus associated internet hosting and energy prices, with an anticipated compensation time period of 24 months at an rate of interest of 8% every year, with preliminary funds being deferred till the mining rigs are on-line and hashing. The Mortgage is topic to additional due diligence to be carried out by Invictus and different situations to closing. Invictus not too long ago grew to become a ten% shareholder of AQUA throughout its non-public placement beforehand introduced on November 9, 2021.
Owen Sagness, Director of Operations at AQUA additionally said, “We have been eager to get AQUA hashing as quickly as potential and have been fast to safe an instantaneous 100 machines for a Q1 2022 go-live regardless of the properly documented squeeze on out there energy in North America“. He additional added, “Past that, we really feel that 1,000 machines funded by means of our debt associate is an ideal answer to reduce shareholder dilution whereas making an announcement that AQUA is severe about scaling mining operations shortly. Seeking to the longer term, we at the moment are in discussions to safe our pipeline infrastructure wants to make sure that we are able to proceed our progress plans by means of 2022 and past.”
The CSE has not reviewed and doesn’t settle for accountability for the adequacy or accuracy of this launch.
CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS
Sure info on this information launch constitutes forward-looking statements below relevant securities legal guidelines. Any statements which might be contained on this information launch that aren’t statements of historic truth could also be deemed to be forward-looking statements. Ahead wanting statements are sometimes recognized by phrases comparable to “could”, “ought to”, “anticipate”, “count on”, “potential”, “imagine”, “intend” or the damaging of those phrases and comparable expressions. Ahead wanting statements on this information launch could embody, however will not be restricted to, statements with respect to inner expectations; fee at which the Firm could possibly produce Bitcoin upon the acquisition of the Rigs; the date upon which the Rigs will develop into dwell and producing Bitcoin, if in any respect; the Firm’s intention and talent to AQUA scale its Bitcoin mining operations; the speed at which the Firm can scale its Bitcoin mining operations; Compass Mining’s capability to produce and host a steady circulation of ASIC miners for AQUA; and the proposed phrases of the Mortgage below the Time period Sheet. Ahead-looking statements essentially contain identified and unknown dangers, together with, with out limitation, dangers related to normal financial situations; hostile trade occasions; advertising prices; lack of markets; future legislative and regulatory developments involving; lack of ability to entry enough capital from inner and exterior sources, and/or lack of ability to entry enough capital on beneficial phrases; the bitcoin trade usually, earnings tax and regulatory issues; the power of Aqua and Compass to implement their respective enterprise methods; competitors; foreign money and rate of interest fluctuations and different dangers.
Readers are cautioned that the foregoing listing is just not exhaustive and will rigorously evaluation the varied dangers and uncertainties recognized within the Firm’s filings on SEDAR. Readers are additional cautioned to not place undue reliance on forward-looking statements as there might be no assurance that the plans, intentions or expectations upon which they’re positioned will happen. Such info, though thought of affordable by administration on the time of preparation, could show to be incorrect and precise outcomes could differ materially from these anticipated.
The forward-looking statements included on this information launch are made as of the date of this information launch and the Firm doesn’t undertake an obligation to publicly replace such forward-looking statements to replicate new info, subsequent occasions or in any other case until required by relevant securities legal guidelines. Ahead-looking statements contained on this information launch are expressly certified by this cautionary assertion.
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