PHILADELPHIA , Jan. 22, 2021 /PRNewswire/ -- Integrated Ventures, Inc, today announced that it has executed a binding term sheet for 3.0 million Preferred Equity Investment, led by BHP Capital NY, Inc. The proceeds will be used by the Company for working capital and general purposes, including infrastructure expansion, equipment purchases and repayment of corporate debt.
Steve Rubakh , CEO of Integrated Ventures, is pleased to add the following commentary:
"This is a significant development for our Company and we would like to thank BHP Capital NY, for showing confidence and understanding our business strategy. In next few days, we expect to receive an initial tranch and will update shareholders with use of proceeds and details on up coming purchase orders.
"BHP Capital NY, Inc has received a right to convert, newly registered Preferred C Series stock, into common shares, at fixed conversion price of 0.068 cents .
"Note that preferred shareholders, generally convert their shares to common stock in two situations: (1) IPO or (2) if conversion will result in superior financial gain. The second scenario usually occurs when conversion to common stock leads to increased stock value for the investor, due to the M& A transaction, such as sale of assets or an acquisition by another company.
"Our mining business has tremendous momentum. Our daily revenues, mainly based market pricing of BTC and ETH and currently ranging between $5,000 and $6,000 , which equates to annual revenues in amount of $1.9 million+, with mining margins of 65%+.
"The company has (1) strong balance sheet, (2) growing revenues with significant margins, (3) reduced convertible debt, (4) improved cash flow and stock liquidity, and (5) infusion of growth capital. INTV's current financial condition will bring better terms, in regards to the future funding and potential M&A deals, as well as greatly reduce relience on short-term funding options, that require issuing stock at discount to the market.
"With this Preferred Equity funding round, INTV, now has the necessary tools, to execute revenue growth and to (1) scale its operations, (2) to capitalize on the hyper growing cryptocurrency market and mainly (3) to purchase the latest mining equipment.
"This is a clear message to all of our shareholders, investors and partners, both current and future, that INTV now has the necessary financial firepower, to expand operations and to increase value of their investments."
About: Integrated Ventures,Inc is Technology Portfolio Holdings Company with focus on Hosting, Development Of Blockchain Applications and Cryptocurrency Mining.
For more details, please visit the Company's website: www.integratedventuresinc.com .
Safe Harbor Statement:
The information posted in this release may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. You can identify these statements by use of the words "may," "will," "should," "plans," "explores," "expects," "anticipates," "continue," "estimate," "project," "intend," and similar expressions. Forward-looking statements involve risks and uncertainties that could cause actual results to differ materially from those projected or anticipated. These risks and uncertainties include, but are not limited to, general economic and business conditions, effects of continued geopolitical unrest and regional conflicts, competition, changes in technology and methods of marketing, and various other factors beyond the company's control.
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SOURCE Integrated Ventures, Inc