GLOBAL CARE CAPITAL PORTFOLIO COMPANY CCM TECHNOLOGIES ANNOUNCES CLOSING OF A CAD $3M PRIVATE PLACEMENT AND EXECUTION OF PURCHASE ORDER FOR 975 ASIC MINERS WITH 100PH/S AND DELIVERY ANTICIPATED TO BEGIN IN AUGUST 2021
NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES
VANCOUVER, British Columbia, June 03, 2021 (GLOBE NEWSWIRE) -- Global Care Capital Inc. (CSE:HLTH,FRANKFURT: L6V2) (the “Company” or “Global Care”) a global investment company which engages in early stage investment opportunities in private and public companies, is pleased to announce that further to its press releases dated April 6th, 2021, April 22, 2021 and May 28, 2021 it has now completed the acquisition of all of the issued and outstanding securities in the capital of CCM Technologies Inc. (“CCM”) pursuant to the terms of an amended and restated share exchange agreement dated May 27, 2021 (the “Agreement”) among the Company, CCM and the shareholders of CCM (the “Transaction”). CCM is a cryptocurrency mining company with state-of-the-art ASIC chips. CCM will be hosting the miners with Compute North, an industry leader in digital infrastructure and blockchain hosting services in the United States. This marks the first step for Global Care’s Bitcoin mining expansion strategy in North America and highlights its focus on sustainability.
The 975 miners are composed of 195 Whatsminer M30S and 780 latest generation Antminer S19J Pro. The miners produce either 93 or 105 TH/s (Terahash per second) dependent on the model, adding a total of 100 PH/s (Petahash per second) to the Company’s hash rate with customized software. Installation of the S19J Pro is anticipated to begin in August in increments of 65 units per month until Q2 2022. The 195 Whatsminer M30S are anticipated to be installed in October 2021.
With the recent Bitcoin price increase in April to over $60,000 USD, each batch of new ASIC miners has been in high demand, pushing acquisition and delivery dates out until 2022. CCM was able to secure purchase agreements at the nearest delivery dates while keeping prices below current industry averages.
CCM is an emerging player in the Canadian crypto currency mining sector with an experienced leadership and technology team. CCM Technologies recently raised CAD$3M in funding from a group of investors including venture capital firm SchindlerAM Ventures.
Commenting on the transaction, CCM's CEO Lawrence Cofield stated, “CCM Technologies Inc. is very proud to be joining Global Care at such an exciting time for blockchain technologies. 100 PH/s is a good foothold in the industry. The firmware will be fine-tuned to maximize the hash rate potential of each ASIC miner procured from the two top manufacturers of ASIC miners in the world. The stability and efficiency of the data center hosting the miners will also hopefully maximize uptime. We will also endeavor to use an intelligent ‘fleet management’ software to try to ensure the miners are earning the most profitable coin it can mine at the time based on network difficulty.”
“Compute North helps facilitate and remove the complex barriers of cryptocurrency mining,” comments Dave Perrill, CEO of Compute North. “Offering a comprehensive, managed service that helps facilitate an end-to-end hosting solution, Compute North can help improve miner efficiency and stability. The result is maximum performance and minimal downtime for clients, like CCM, who want to ensure their equipment keeps hashing for the best possible return on investment.”
In connection with closing of the Transaction and pursuant to the terms of the Agreement:
- In consideration for the Transaction, and on closing thereof, Global Care issued an aggregate of 94,170,001 common shares of Global Care (the “Consideration Shares”) to CCM shareholders at a deemed price of $0.11 per Consideration Share and issued to CCM warrantholders an aggregate of 65,000,000 common share purchase warrants (the “Consideration Warrants”)
- Each Consideration Warrant permits the holder thereof to acquire one Global Care common share at a price of $0.05 until March 1, 2023
- There is no hold period for the Consideration Shares or Consideration Warrants pursuant to applicable securities laws, however, 89,170,001 Consideration shares will be subject to voluntary hold periods (the “Voluntary Restrictions”) with 44,170,000 being released on the date that is 4 months from the closing of the Transaction (the “Closing Date”), being October 3rd, 2021, and an additional 7,500,000 being released on each of the 6, 12, 18, 24, 30 and 36 month anniversaries of the Closing Date
- Pursuant to the terms of the Agreement, the Company has agreed to seek shareholder approval for the removal of the Voluntary Restrictions at a shareholders meeting to be held as promptly as reasonably practicable after the Closing Date
The Transaction is an arms-length transaction and no change in management, or the Board of Directors of Global Care is being contemplated at this time. The goal of the acquisition is to give Global Care shareholders further exposure to cryptocurrency mining infrastructure, which is the backbone and cornerstone of blockchain technology.
About Compute North
Compute North is the North American leader in TIER 0™ computing. The company provides efficient, low-cost, and highly scalable infrastructure for clients in the blockchain, cryptocurrency mining and the high-performance computing space. With operations in Texas, South Dakota, and Nebraska, Compute North brings a unique combination of data center, energy, and computing expertise to deliver the lowest cost computing in the world. For additional information, please visit www.computenorth.com.
About CCM Technologies Inc.
CCM Technologies Inc. is a digital asset technology company with a focus on providing infrastructure for the blockchain ecosystem and mining of cryptocurrencies.
About Global Care
Global Care Capital is a global investment company which specializes in providing early-stage financing to private and public companies. The Company engages in new, early-stage investment opportunities in previously underdeveloped assets and obtaining positions in early-stage investment opportunities that adequately reflect the risk profile.
GLOBAL CARE CAPITAL INC.:
Alex Somjen, President & CEO
The CSE does not accept responsibility for the adequacy or accuracy of this release.
The securities to be issued in connection with the Transaction have not been and will not be registered under the U.S. Securities Act of 1933, as amended (the "1933 Act"), or under any state securities laws, and may not be offered or sold, directly or indirectly, or delivered within the United States or to, or for the account or benefit of, U.S. persons (as defined in Regulation S under the 1933 Act) absent registration or an applicable exemption from the registration requirements. This news release does not constitute an offer to sell or a solicitation to buy such securities in the United States.
All information contained in this news release with respect to CCM was supplied by CCM for inclusion herein, and Global Care’s directors and officers have relied on CCM for such information.
Forward-Looking Information: This news release includes certain statements that may be deemed “forward-looking statements”. The use of any of the words “anticipate”, “continue”, “estimate”, “expect”, “may”, “will”, “would”, “project”, “should”, “believe” and similar expressions are intended to identify forward-looking statements. Although the Company believes that the expectations and assumptions on which the forward-looking statements are based are reasonable, undue reliance should not be placed on the forward-looking statements because the Company can give no assurance that they will prove to be correct. Since forward-looking statements address future events and conditions, by their very nature they involve inherent risks and uncertainties. These statements speak only as of the date of this News Release. Actual results could differ materially from those currently anticipated due to a number of factors and risks including various risk factors discussed in the Company’s disclosure documents which can be found under the Company’s profile on www.sedar.com
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