- iMining Blockchain and Cryptocurrency (IMIN) has acquired all of the issued and outstanding shares of BitBit Financial Inc.
- BitBit shareholders received 10,000,000 common shares of iMining in exchange for all of outstanding shares of BitBit
- BitBit Financial is a FINTRAC registered company which sells digital goods and services
- iMining is focused on linking traditional capital markets with blockchain investment opportunities
- iMining Blockchain and Cryptocurrency Inc. (IMIN) opened trading at C$0.14 per share
iMining Blockchain and Cryptocurrency (IMIN) has acquired all of the issued and outstanding shares of BitBit Financial Inc.
On July 12, 2021, iMining issued its Treasury Order for 10,000,000 common shares to be delivered to the shareholders of BitBit, in exchange for acquiring all of the outstanding shares of BitBit.
BitBit is now a wholly owned subsidiary of iMining.
No new control block was created as a result of the acquisition. Twenty-five per cent of the shares issued to BitFit shareholders will become free-trading on closing and an additional twent-five per cent every three months thereafter.
BitBit has the right to appoint a director to iMining’s Board, and an announcement is expected shortly.
“With the recent closing of BitBit, we are very excited about this opportunity to revolutionize the fintech industry. We believe that the recent acquisition of BitBit financial will open the door to massive opportunities such as lending, and the regulated exchange of digital currencies. BitBit Financial is a key piece in connecting the digital asset industry to the traditional finance sector. This acquisition will also allow us to empower everyday investors globally, and this is just the beginning,” said Khurram Shroff, the Chairman and CEO of iMining.
BitBit Financial is a private company which sells digital goods and services. BitBit is registered with the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC) as a money service business dealing in virtual currencies with registration number M21068159. BitBit has a virtual currency ATM Network and is working on developing a digital asset exchange trading platform which will provide users the easiest and safest way to buy and sell virtual currencies.
“I’m very excited to become a part of the iMining ecosystem,” said Roman Rana, the CEO of BitBit Financial. “iMining is on the frontier of the digital asset space and with their support I look forward to taking BitBit Financial to new heights.”
iMining also announces that it will be seeking regulatory approval to change its name from iMining Blockchain and Cryptocurrency Inc. to iMining Technologies Inc. to better reflect the diverse businesses under the iMining umbrella.
iMining is focused on linking traditional capital markets with blockchain investment opportunities. Through its wholly-owned subsidiary, the company provides retail and institutional investors a safe and secure way to stake Ethereum 2.0 using proprietary and secure proof of stake methods.
iMining Blockchain and Cryptocurrency Inc. (IMIN) opened trading at C$0.14 per share.