VANCOUVER, BC / ACCESSWIRE / February 17, 2021 / LINK GLOBAL TECHNOLOGIES INC. (CSE:LNK; FRA:LGT; OTC PINK:LGLOF) (“LINK” or the “Company”), an innovative power and infrastructure solutions provider for Bitcoin mining and data hosting operations, is pleased to announce the closing of its non-brokered private placement (the “Financing“) previously announced onFebruary 10, 2021, by issuing 2,191,329 units (each, a “Unit“) at a price of CAD $0.60 per Unit for the total gross proceeds of CAD $1,314,798. Each Unit consists of one common share of the Company (each, a “Share“) and one-half of one transferable common share purchase warrant (each whole warrant, a “Warrant“). Each Warrant entitles the holder to purchase one additional Share at a price of CAD $0.90 per Share for a period of 19 months from the date of closing of the Financing. The Company also announces it has extinguished debt in the amount of $12,600 owed by the company to arms’ length third party vendors, in exchange for the issuance of 21,000 Units.
The Company paid finders’ fees of CAD $49,056 and issued 81,760 finders’ warrants, each of which entitles the holder to purchase one Share at a price of CAD $0.90 for 19 months from the date of closing of the Financing. All securities issued in the Financing are subject to a four-month hold period expiring June 18, 2021.
Link intends to use the net proceeds from the Financing for:
The commissioning of new 10 Megawatt (MW) power sites in Alberta. Link is generating power from dormant and stranded natural gas assets, and supplying this power via fixed-price contracts to its clients, which include Bitcoin miners and data hosting operations. This site will generate an additional revenue of USD $350,000 per month for Link, as previously announced in a press release dated January 4, 2021.
Marketing and general working capital purposes.
Link President and Chief Executive Officer Stephen Jenkins commented, “We are very pleased with the level of interest in Link’s latest financing, and we appreciate the support from our new and existing shareholders. We are executing on our business plan as previously outlined in March 2020, and have since secured over 20 Megawatts (MW) of power-generating assets, of which 8.75 MW has been in operation since 2020, generating revenues in excess of USD $1.5 million (unaudited) for the Company. Along with hosting of machines we begin to mobilize our own fleet of mining machines to self-mine for Bitcoin, with the added advantage of leveraging our growing supply of low-cost, reliable power, generated from dormant and stranded natural gas assets. Link has substantial experience in operating crypto mining machines and the Company looks forward to commencing its Bitcoin mining operations on February 21, 2021.”
None of the securities acquired in connection with the Financing will be registered under the United States Securities Act of 1933, as amended, and no such securities may be offered or sold in the United…