On March 1, 2018, Arctic Blockchain Ltd. announced the closing of $10,000,000 private financing and acquisition of Hydro66 UK Limited located in Boden, Northern Sweden.
The combined business expects for a public listing on the Canadian Securities Exchange (CSE) in early Q2 2018.
Arctic Blockchain raised $10 million in [mepr-active rule=”374″ ifallowed=”hide”]#SUBSCRIBERS ONLY CONTENT – where and how did you get your news? Subscribe today to see our research on this and all other subscriber ONLY news. Be informed!#[/mepr-active][mepr-active rule=”374″]convertible debentures from 87 Canadian and international private investors: 44 Ontario investors, 12 BC investors, 17 Australia investors, 3 German investors, 5 US investors and 1 investor each from Bermuda, Cayman Islands, Malaysia, Paraguay, Sweden, and UK. Ontario and Australia investors led the financing with $6.3 million and $1.69 million respectively. The debentures have a maturity date of five years from the date of issue, and are convertible, at the option of the holder any time prior to the maturity date into units at a price of $0.50 per unit. Irwin Lowy LLP acted as legal counsel to Arctic.
Following the closing the Hydro acquisition, Arctic board is comprised of Richard J. Patricio (Ontario), David Rowe (UK), Richard Croft (UK), Micheal Hudson (Australia), and Philip Williams (Ontario). Pattricio (President & CEO) and Nick Demare (CFO) are two officers of the company.[/mepr-active]
Hydro66 offers enterprise co-location services as well as mining cryptocurrency on its own account and for customers, continuously since inception.