Solar Alliance Closes Agreement with NuYen Blockchain

Solar Alliance (TSXV:SOLR) has announced it has received TSX Venture Exchange approval to close an agreement with NuYen Blockchain.

As quoted in the press release:

he agreement with NuYen is a joint venture with the Company pursuant to which the Company transferred the Murphysboro Facility to NuYen in exchange for NuYen reimbursing the Company US$40,000 representing the costs incurred by the Company to date.  The Company retains a 2% net profits interest royalty in any blockchain mining operations conducted at the Murphysboro Facility payable to the Company quarterly.  NuYen will upgrade the warehouse at its own cost for tenancy and undertake to contract the Company to fund the cost to construct and install a 1 MW solar project at the Murphysboro Facility at an agreed upon mark-up to cost.  The Company will have the right of first offer to bid on an additional 4 MW solar expansion and battery storage when the Murphysboro Facility is expanded.

Click here to read the full press release.