Vancouver, BC, Canada - TheNewswire - December 23, 2020, LINK GLOBAL TECHNOLOGIES INC. (CSE:LNK) (CNSX:LNK.CN) (FRA:LGT) (OTC:LGLOF) (“LINK” or the “Company”), an innovative power and infrastructure solutions provider for Bitcoin mining and data hosting operations, is pleased to announce that it has received $800,000 debt financing from one of the Company's founding shareholders and longest supporters.
The debt financing is repayable three months from the date of closing and is unsecured and non-interest bearing. The proceeds from the debt financing will be put towards capital expenditures for supplying its customers with the recently announced 10 Megawatts (MW) of electrical power, which has been derived from stranded natural gas from inactive oil wells in Alberta, Canada. An additional loan fee is payable by the Company to the lender by the issuance of 400,000 common shares in the capital of the Company at a deemed price of $0.40 per share.
The proceeds of this financing will be used to commission a new 10 MW power site, which the Company expects to be operational during the first quarter of 2021. This additional power will give Link approximately 20 MW of electricity power capacity to supply its Bitcoin mining clients.
Link’s existing Bitcoin mining clients have been able to maximize their mining output using 8.75 MW of the Company’s clean power, which originated from stranded assets at three different inactive oil well sites in Alberta.
About Link Global Technologies Inc.
Link is engaged in the business of providing infrastructure and operating expertise for digital mining and data hosting 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 digital mining and supply clean energy and infrastructure for other data-hosting services.
On behalf of Link Global Technologies Inc.
Chief Executive Officer
For more information visit http://linkglobal.io/ or contact:
Investors, please contact:
The CSE has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.
CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING INFORMATION. This news release contains "forward-looking statements" within the meaning of applicable Canadian securities legislation. Forward-looking statements consist of statements that are not purely historical and include any statements regarding beliefs, plans, expectations, or intentions regarding the future. Often, but not always, forward-looking statements 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, or statements that certain actions, events or results "may", "would", "could", "should" or "might" occur. Forward-looking statements made in this news release include, but are not limited, to the intended use of proceeds from the debt financing; expectations with respect to the new power site; and other statements regarding the business plans of the Company. All such forward-looking statements are based on factors or assumptions applied in drawing a conclusion or making a forecast or projection, including assumptions based on historical trends, current conditions, and expected future developments. Since forward-looking statements relate to future events and conditions, they require making assumptions and involving inherent risks and uncertainties by their very nature. The Company cautions that although it is believed that the assumptions are reasonable in the circumstances, these risks and uncertainties give rise to the possibility that actual results may differ materially from the expectations set out in the forward-looking statements. In the case of the Company, these risks, uncertainties, assumptions and other factors include, without limitation: that actual results from the new power site may differ from the Company’s expectations; those set out in the Company's most recent MD&A, fluctuations in the price of electricity, fluctuations in the price of digital currencies/Bitcoin, the future potential halving of Bitcoin, increases in the network difficulty rate and price of digital currencies/Bitcoin, negative changes in the level of digital currency/Bitcoin rewards per block, the securing of economic rates for the purchase of power, the opportunities for acquiring digital currency mining hardware, unanticipated changes in laws, regulations or other industry standards affecting the business of the Company, reliance on key management personnel, the Company's ability to implement its business plan, litigation risk, stock price volatility, the effects of general economic and other factors beyond the control of the Company, and other matters that may occur in the future. Given these risks, undue reliance should not be placed on these forward-looking statements, which apply only as of the date hereof. Other than as specifically required by law, the Company undertakes no obligation to update any forward-looking statements to reflect new information, subsequent or otherwise.
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