LGHL - Lion signs investment agreement with New Full Rich for digital mining project

Lion (NASDAQ:LGHL) trades 10.5% higher premarket after it signed a letter of intent, investment agreement, with Hong Kong New Full Rich wherein the two parties will cooperate to construct and operate an encrypted digital currency mine project in Tajikistan through Ganj Technology (Target company), a company owned by New Full Rich. The first phase of construction for the digital mine infrastructure and power-on operation is expected to be completed in 1Q22, and the project's annual profit is expected to be no less than $25M. Under agreement terms, Lion will issue 5M shares to New Full Rich at $3/share in exchange for 20% of the target company's enlarged shares. Lion will work closely to execute the project and expects to achieve profit sharing of $5M in 2022; Lion can also exercise priority to purchase 10K WhatsMiner M series mining machines from New Full Rich. On installation and initial use, Lion expects to generate an estimate of ~3.38 BTC/day and

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Lion signs investment agreement with New Full Rich for digital mining project