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SOURCE HIVE Blockchain Technologies Ltd.
VANCOUVER, Sept. 18, 2017 /PRNewswire/ - HIVE Blockchain Technologies Ltd. (formerly, Leeta Gold Corp.) (TSX.V:HIVE) (the "Company" or "HIVE") is pleased to announce the commencement of trading in the Company's common shares on the TSX Venture Exchange under the ticker symbol "HIVE" effective at the open on September 18, 2017. This follows the completion of a $16.5 million equity financing, as announced on September 7, 2017, and the closing of the acquisition from Genesis Mining Ltd. ("Genesis") of a state-of-the-art GPU-based blockchain data centre in Reykjanes, Iceland and formation of a strategic partnership with Genesis (collectively, the "Transaction"), as announced on September 15, 2017.
The Company is also pleased to announce that it commenced mining operations and began accumulating cryptocurrency on September 15, 2017 following closing of the Transaction.
"HIVE's mission is to accelerate the blockchain sector through traditional capital markets and create long-term shareholder value," commented Harry Pokrandt, President, CEO and Director of HIVE. "We are now focused on establishing a market presence and scaling our mining business. Our facility provides us significant flexibility to mine multiple cryptocurrencies including, but not limited to, Ethereum, Monero and ZCash. We will continue to examine other alt-coins for potential opportunities."
The Board of Directors of HIVE is also pleased to announce the appointment of Frank Holmes as the Company's non-executive chairman. Mr. Holmes is the founder and CEO of U.S. Global Investors, an award winning asset management firm specializing in gold and emerging markets.
"Blockchain technology has the potential to fundamentally improve transactions for all," stated Holmes. He continued, "HIVE's partnership with Genesis provides immediate exposure to operating margins of crypto mining and a growing portfolio of coins. That makes this a unique global company out of the gate."
"The concept with HIVE is to give Genesis a footprint outside of the cryptocurrency world and build a bridge from the blockchain space to traditional capital markets," commented Marco Streng, co-founder and CEO of Genesis Group and an advisor to HIVE. Streng continued, "Genesis will support HIVE and will continue to operate separate facilities for our cloud mining customers, who will not be impacted in any way by the HIVE transaction."
Bjoern Arzt, Tobias Ebel, and Olivier Roussy Newton have also joined the Board of Directors of HIVE. Mr. Arzt and Mr. Ebel both advise Genesis and are Managing Partners of Logos Fund, a successful cryptocurrency mining investment fund based in Zug, Switzerland. Mr. Roussy Newton is an investment banker and entrepreneur focused on early stage blockchain and quantum computing firms.
Fiore Group, a management and advisory firm led by Frank Giustra, Gordon Keep, and Brian Paes-Braga, is advising HIVE. Fiore Group's principals have helped raise in excess of $5 billion in debt and equity for high-growth firms.
For more information and to register to HIVE's mailing list, please visit www.HIVEblockchain.com, which has recently been updated. Follow @HIVEblockchain on Twitter and subscribe to HIVE's YouTube channel.
On Behalf Of HIVE Blockchain Technologies Ltd.
President, CEO and Director
Except for the statements of historical fact, this news release contains "forward-looking information" within the meaning of the applicable Canadian securities legislation that is based on expectations, estimates and projections as at the date of this news release. The information in this news release about the completion of the Transaction, as well as additional data centres, the business goals and objectives of the Company, any estimate of potential earnings, the execution by Genesis of its duties under the Master Services Agreement and any other obligations of other parties to Transaction agreements, and other forward-looking information includes but is not limited to information concerning the intentions, plans and future actions of the parties to the transactions described herein and the terms thereon.
Factors that could cause actual results to differ materially from those described in such forward-looking information include, but are not limited to, risks related to the Company's or Genesis' ability to obtain final acceptance from the Exchange for the Transaction, the cryptocurrency market or the Company's ability to successfully mine cryptocurrency, and other risks related to Transaction as more fully set out in the Filing Statement of the Company dated September 13, 2017.
The forward-looking information in this news release reflects the current expectations, assumptions and/or beliefs of the Company based on information currently available to the Company. In connection with the forward-looking information contained in this news release, the Company has made assumptions about the Company's and Genesis' ability to complete the Transaction, historical prices of cryptocurrencies and the ability of the Company to mine cryptocurrencies will be consistent with historical prices and there will be no regulation or law that will prevent the Company from operating its business. The Company has also assumed that no significant events occur outside of the Company's normal course of business. Although the Company believes that the assumptions inherent in the forward-looking information are reasonable, forward-looking information is not a guarantee of future performance and accordingly undue reliance should not be put on such information due to the inherent uncertainty therein.
Any forward-looking information speaks only as of the date on which it is made and, except as may be required by applicable securities laws, the Company disclaims any intent or obligation to update any forward-looking information, whether as a result of new information, future events or results or otherwise.
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