ENTERS INTO DEFINITIVE AGREEMENT TO ACQUIRE 90% OF TG12 VENTURES INC.
Block One Capital Inc. (BLOK.V) has entered into a definitive agreement with TG12 Ventures Inc. to acquire up to 90 per cent. Under the terms of the definitive agreement the Company has funded TG12 for US$2,910,000. Block One may provide additional funding as needed based on certain milestones over the next twelve (12) months.
TG12 is in the process of setting up a diversified digital currency mining facility with two thousand (2000) Bitmain S9 Antminers, with the first one thousand (1000) S9 Antminers to be operable in Q1-2018. The S9s are planned to operate at a co-location facility where the all-in cost of operating the miners, inclusive of electricity, rent, cooling, general rig maintenance and management, is estimated to be about US$0.10 per kilowatt hour.
Based on the Company's current estimate, using a recent Bitcoin price of approximately US$13,900 (January 02, 2018) and the 2000 miners being fully operable, TG12's estimated gross revenue per year is US$25,970,000.
"We are excited to be moving forward with our investment in TG12 and the potential ROI of the investment has moved favorably with the appreciation in bitcoin over the past several weeks. In addition to the TG12 investment we have been working towards building a strong pipeline of compelling opportunities in the cryptocurrency and blockchain space and look forward to sharing them in the coming weeks," said Mr.David Berg, CEO and Director of Block One.