KHAN RESOURCES ANNOUNCES INVESTMENT IN ARTIC BLOCKCHAIN LTD.
KHAN RESOURCES ANNOUNCES INVESTMENT IN
ARTIC BLOCKCHAIN LTD.
Toronto, Ontario --
March 7, 2018 -- InvestorsHub NewsWire -- Khan Resources (CSE:KRI) is pleased to announce that
it has made a material investment into privately held Arctic
Blockchain Ltd as part of that company's acquisition transaction of
a private UK based company called Hydro 66. Hydro 66 is an
award-winning datacenter company based in Boden, Northern Sweden
and specializes in high compute applications that include typical
enterprise customers as well as some MAAS ("mining as a service")
operators mining various cryptocurrencies.
With a commitment of
$2.5 million, Khan was the largest single investor in a $10 million
convertible debenture financing that will facilitate Hydro
66's growth plans and
is also intended to be the final private financing round prior to a
Canadian public listing planned for Q2/2018. Compete details of the
Arctic / Hydro 66 transaction can be
found at: https://www.newswire.ca/news-releases/arctic-blockchain-completes-financing-and-acquisition-of-hydro66-675574113.html
Hydro66, based in Boden, Northern
Sweden,
is an award-winning datacenter company that has been operating
since 2014, offering enterprise co-location services as well as
mining cryptocurrency on its own account and for customers,
continuously since inception. The Hydro66 flagship facility has
installed operating capacity of 4MW with an additional 36MW of
capacity under construction. Beyond the 40MW of power secured for
the current expansion, Hydro66 has also reserved an additional 50MW
of power capacity for future expansion. The facility is 100%
environmentally friendly using hydro-power and an innovative
building and cooling system was designed to allow for free air
cooling 365 days per year.
The build out to the full 40MW capacity will be completed by Q1
2019.
Marc Henderson,
interim CEO of Khan states : "We looked at many high impact
opportunities to relaunch Khan as an active company and within the
sectors that currently have the best combination of capital markets
dynamism and future long-term growth prospects, Blockchain clearly
stands out. Within that sector, the Arctic opportunity was clearly
differentiated by its deeply experienced technical team and the
natural geographic advantage conferred by its Northern Swedish
location where the combination of low cost hydro power and ambient
cooling are hard to replicate and provide a significant operating
cost advantage. As part of our investment, Khan has the right to
maintain it's pro-rata
participation in the future equity raises and we look forward to a
long relationship with the Company." Henderson
further added "this investment represents out initial investment in
the sector and may make other Blockchain related investments or
Investments into other sectors with attractive growth
profiles."
For further
information contact:
Marc
Henderson, interim
Chief
Executive Officer
Toronto, Canada +1
(416) 599 7363
info@khanresources.com
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