Squire Mining to Enter Share Purchase Agreement Valued at $22.5 Million

Squire Mining (CSE:SQR,FWB:9SQ,OTCQB:SQRMF), a company that provides cloud and data services to blockchain applications including Bitcoin SV and Bitcoin Core, announced that it is entering into a share purchase agreement with Mr. Calvin Ayre to acquire Freschette’s remaining outstanding shares for C$22.5 million. Mr. Ayre wholly owns Freschette, a company that provides cloud computing services that operate at 276 petahash/second.

As quoted in the press release.

Closing of the transaction is expected May 1, 2019. The purchase price for OpCo is C$22.5 million (inclusive of operational prepayments), to be satisfied by way of an unsecured convertible debenture accruing interest at 15% per annum and due May 1, 2020 (as described below).  In connection with the transaction, Mr. Ayre and his affiliates will also provide Squire with exclusivity and a right of first refusal over additional cloud computing assets owned by them.

Highlights of the transaction include:

• 276 PH/s of computing power in a stable, low-cost jurisdiction

• OpCo assets generate approximately C$436,000 per month and C$5.1 million per year (at current market prices) after operational expenses, in available cash flow

• Preserved cash position of over C$19.4 million

• Exclusivity until June 30, 2019 and a right of first refusal for 12 months following closing of the transaction over additional cloud computing assets owned by Mr. Ayre and his affiliates in the U.S., Canada, China and Russia comprising over 3 million TH/s of processing power (3 EH/S)

Click here to read the full press release.