VANCOUVER, British Columbia, April 06, 2018 (GLOBE NEWSWIRE) -- Parlane Resource Corp. (PPP.V) (“Parlane” or the “Company”) has filed its Filing Statement on SEDAR pertaining to its proposed change of business (“COB”).
As earlier disclosed, the Company’s COB involves mining for cryptocurrency, and specifically:
- the acquisition of 500 S9 Antminer mining rigs (the “Rigs”) in consideration of US$2,000,000;
- the engagement of MKH International Ltd. to host and operate the Rigs for and on behalf of the Company in consideration of 6,000,000 common shares, a 10% net profits royalty, and costs fixed at US$0.10 per kwh;
- the private placement of 5,100,000 subscription receipts;
- the acquisition of the iMining brand in consideration of $250,000 and 2,000,000 Shares issued at the deemed price of $0.15 per Share; and
- the change of the Company’s name to “iMining Blockchain and Cryptocurrency Inc.”
Full details of the COB, and of the Company’s management, share capital structure, and new business following closing of the COB, are contained in the Filing Statement.
In accordance with TSX Venture Exchange policies, the Company must not close its COB until seven business days following the filing of its Filing Statement on SEDAR. As such, the Company anticipates closing the COB on April 17, 2018, and that the Company will shortly thereafter begin trading under its new name - iMining Blockchain and Cryptocurrency Inc. and under its new trading symbol “IMIN”.
The Company is also pleased to announce the appointment of Mr. Anders Nilsson as an additional director, to become effective upon closing of the COB. Mr. Nilsson is a certified Systems Engineer, who provides management and technology consulting services. He is presently engaged by the largest helicopter operator in Sweden to develop and implement a safety and operations management platform for compliance with European legislation. He also currently mines for cryptocurrencies on his own behalf, having researched and implemented a business model for his operations. Previously, from April 2008 to January 2010 he assisted with the design and construction of a real estate investment funds based in Switzerland but domiciled in Liechtenstein.
ON BEHALF OF THE BOARD
Signed “Robert Eadie”
Robert Eadie, President, Chief Executive Officer and Director
FOR FURTHER INFORMATION PLEASE CONTACT:
Telephone: 1-604-602-4935 Facsimile: 1-604-602-4936
Website: www.parlaneresource.com
Contact: Robert Eadie
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Investors are cautioned that, except as disclosed in the Filing Statement to be prepared in connection with the transactions, any information released or received with respect to the change of business may not be accurate or complete and should not be relied upon. Trading in the securities of Parlane Resources Corp. should be considered highly speculative.
The TSX Venture Exchange has in no way passed upon the merits of the proposed transaction and has neither approved nor disapproved the contents of this press release.