LGLOF - Link Global Technologies Announces Receipt of $800000 Debt Financing to Expand its Bitcoin Mining Operations
(TheNewswire)
V ancouver ,BC, C anada - TheNewswire - D ecember 23, 2020, LINK GLOBALTECHNOLOGIES INC. (CSE:LNK ) (CNSX:LNK.CN)( FRA:LGT ) ( OTC:LGLOF) (“LINK” or the “Company”), an innovativepower and infrastructure solutions provider for Bitcoin mining anddata hosting operations, is pleased to announce that it has received$800,000 debt financing from one of the Company's foundingshareholders and longest supporters.
The debt financing is repayable three months from thedate of closing and is unsecured and non-interest bearing. Theproceeds from the debt financing will be put towards capitalexpenditures for supplying its customers with the recently announced10 Megawatts (MW) of electrical power, which has been derived fromstranded natural gas from inactive oil wells in Alberta, Canada. Anadditional loan fee is payable by the Company to the lender by theissuance of 400,000 common shares in the capital of the Company at adeemed price of $0.40 per share.
The proceeds of this financing will be used tocommission a new 10 MW power site, which the Company expects to beoperational during the first quarter of 2021. This additional powerwill give Link approximately 20 MW of electricity power capacity tosupply its Bitcoin mining clients.
Link’s existing Bitcoin mining clients have been ableto maximize their mining output using 8.75 MW of the Company’s cleanpower, which originated from stranded assets at three differentinactive oil well sites in Alberta.
About Link Global TechnologiesInc.
Link is engaged in the business of providinginfrastructure and operating expertise for digital mining and datahosting operations. Link's objectives include locating and securing,for lease and option to purchase, properties with access to low-cost,reliable power, and deploying this low-cost power to conduct digitalmining and supply clean energy and infrastructure for otherdata-hosting services.
On behalf of Link Global Technologies Inc.
Stephen Jenkins
Chief Executive Officer
For more information visit http://linkglobal.io/ orcontact:
Steve Jenkins
steve@linkglobal.io
+1-877-770-6545
Investors, please contact:
info@linkglobal.io
+1-833-707-8708
The CSE has not reviewed and does not acceptresponsibility for the adequacy or accuracy of this release.
CAUTIONARY STATEMENT REGARDINGFORWARD-LOOKING INFORMATION. This news releasecontains "forward-looking statements" within the meaning ofapplicable Canadian securities legislation. Forward-looking statementsconsist of statements that are not purely historical and include anystatements regarding beliefs, plans, expectations, or intentionsregarding the future. Often, but not always, forward-lookingstatements can be identified by the use of words such as"plans", "expects", "is expected","forecast", "budget", "scheduled","estimates", "forecasts", "intends","anticipates", or "believes", or variations(including negative variations) of such words and phrases, orstatements that certain actions, events or results "may","would", "could", "should" or"might" occur. Forward-looking statements made in thisnews release include, but are not limited, to the intended use ofproceeds from the debt financing; expectations with respect to the newpower site; and other statements regarding the business plans of theCompany. All such forward-looking statements are based on factors orassumptions applied in drawing a conclusion or making a forecast orprojection, including assumptions based on historical trends, currentconditions, and expected future developments. Since forward-lookingstatements relate to future events and conditions, they require makingassumptions and involving inherent risks and uncertainties by theirvery nature. The Company cautions that although it is believed thatthe assumptions are reasonable in the circumstances, these risks anduncertainties give rise to the possibility that actual results maydiffer materially from the expectations set out in the forward-lookingstatements. In the case of the Company, these risks, uncertainties,assumptions and other factors include, without limitation: that actualresults from the new power site may differ from the Company’sexpectations; those set out in the Company's most recent MD&A,fluctuations in the price of electricity, fluctuations in the price ofdigital currencies/Bitcoin, the future potential halving of Bitcoin,increases in the network difficulty rate and price of digitalcurrencies/Bitcoin, negative changes in the level of digitalcurrency/Bitcoin rewards per block, the securing of economic rates forthe purchase of power, the opportunities for acquiring digitalcurrency mining hardware, unanticipated changes in laws, regulationsor other industry standards affecting the business of the Company,reliance on key management personnel, the Company's ability toimplement its business plan, litigation risk, stock price volatility,the effects of general economic and other factors beyond the controlof the Company, and other matters that may occur in the future. Given these risks, undue reliance should not be placed on theseforward-looking statements, which apply only as of the date hereof.Other than as specifically required by law, the Company undertakes noobligation to update any forward-looking statements to reflect newinformation, subsequent or otherwise.
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