World Mahjong Completes Acquisition of Cryptocurrency Mining Equipment, Coins and Masternodes and Changes Name to Avalon Blockchain

World Mahjong (CSE:WSM) has announced that it has changed its name to Avalon Blockchain (CSE:AVLN) and has completed the acquisition of cryptocurrency mining assets and an inventory of digital currencies from Avalon Life S.A.

As quoted in the press release:

The Transaction Assets include a total of 27,386 ASIC coin mining machines and an inventory of the following digital currencies:

Digital Currency	Masternodes	Remaining Coins	Total Coins
Dash	78	5.83	78,005.83
Pura	100	13,233.87	10,013,233.87
Vivo	88	387.90	88,387.90

Following completion of the Transaction, the Company has changed its name to “Avalon Blockchain Inc.”, and intends to reconstitute its board of directors and senior management to consist of: Robert Cross (President and Chief Executive Officer), David Ebert (Chief Financial Officer), Anthony Alvaro (Vice-President of Business Development), Jon Malach (Director) and Darren Devine (Director).

The Transaction

The Transaction Assets were acquired pursuant to the terms of a purchase agreement entered into between the Company, the Vendor and Avalon Projects Canada Inc. (“Avalon Canada”). In consideration for the Transaction Assets, the Company issued 120,000,000 common shares (the “Consideration Shares”). The Consideration Shares are subject to a four-month-and-one-day statutory hold period prescribed by applicable Canadian securities laws, and to an escrow arrangement in accordance with the policies of the Canadian Securities Exchange (the “Exchange”), from which they will be released in tranches every six months over a thirty-six-month period.

Avalon Canada held the rights to acquire the Transaction Assets from the Vendor, and assigned those rights to the Company in connection with completion of the Transaction. In consideration for the assignment of rights by Avalon Canada, on completion of the Transaction the Company acquired all of the outstanding share capital of Avalon Canada through the amalgamation (the “Amalgamation”) of Avalon Canada and a wholly-owned subsidiary of the Company, 1146305 B.C. Ltd.

Click here to read the full press release.