- Graph Blockchain (GBLC) has acquired 100% of Babbage Mining’s issued and outstanding securities
- Graph Blockchain issued 60 million units to Babbage shareholders
- The aggregate purchase price was C$4.8 million
- Babbage, an early-stage company, focused on Altcoins, will invest its capital directly into cryptocurrency tokens where the network is instructed to use it towards POS mining
- Graph Blockchain (GBLC) is a blockchain development company
- Graph Blockchain is up 3.33 per cent, trading at C$0.31 per share at 11:30 am EST
Graph Blockchain has completed the acquisition of Babbage Mining.
Graph Blockchain (GBLC) has acquired 100% of Babbage Mining’s issued and outstanding securities.
Graph Blockchain issued 60,000,000 units of the company, consisting of one common share and one common share purchase warrant to Babbage shareholders.
Each unit has a deemed price of $0.08 for an aggregate purchase price of $4,800,000.
Each warrant is exercisable into one common share at a price of $0.10 for up to eighteen (18) months.
“The acquisition of Babbage will help position Graph in the evolving and rapidly expanding cryptocurrency space.
Graph now has a platform in Altcoin for employing blockchain transactions through crypto mining, related payments on blockchain, and a variety of subsequent support services.
We look forward to growing Graph organically and through other viable acquisitions in the crypto space,” said Andrew Ryu, CEO of Graph.
Babbage also intends to invest its capital directly into cryptocurrency tokens where the network is instructed to use it towards POS mining.
With blockchain and its decentralized ledger, Graph recognizes how alternative cryptocurrency platforms offer potential that can structure data enabling the way in which businesses operate and transact with each other.
Babbage will be using POS mining to earn returns and gain exposure to the cryptocurrencies with the greatest potential return on investment.
Babbage is an early stage company, focused on Altcoins, alternative cryptocurrencies to Bitcoin. By mining Altcoins through Proof of Work and Proof of Stake, Babbage is able to give its investors exposure to the vast emerging market of cryptocurrencies with the significant technological disruption and potential gains that Altcoins represent.
Graph Blockchain Inc. is a blockchain development company that provides blockchain solutions, including graphic data analysis and consulting services.
Graph Blockchain is up 3.33 per cent, trading at C$0.31 per share at 11:30 am EST.
