Gunpowder Capital Corp., (CSE: GPC), (CSE: GPC.PR.A), (OTCQB: GNPWF), (FSE: YS6N), (“Gunpowder” or the “Corporation”) announced today that it has acquired a ready to mine deployable first stage cluster of Cryptocurrency Mining Rigs and that the Corporation has incorporated MethodeVerte Inc., the Corporation’s fully owned Cryptocurrency Mining subsidiary. Gunpowder plans on developing MethodeVerte Inc., into leading-edge Cryptocurrency Technology Company, that focuses on both the mining of Cryptocurrencies and on the development of next generation Cryptocurrency and Blockchain technologies. The Corporation is planning to rapidly expand MethodeVerte’s operations as the Corporation is aiming to have second and third stage deployments of additional Cryptocurrency Mining assets in the thousands in place, and in operation by the end of calendar 2019.
Since the week of May 6th Bitcoin has increased in value over $2,000.00 USD. Furthermore, Bitcoin is up a staggering 58% over the last 30 days, and as of the date of this press release, Bitcoin is valued slightly under $8,000.00 USD per Bitcoin. Gunpowder, via its associations and discussions with Cryptocurrency Companies, learned that Bitcoin needs to be valued at approximately $5,500.00 USD to achieve a breakeven point for most Crypto Mining operations. With Bitcoin valued around $8,000.00 USD, there is currently a healthy profitability margin in place.
In connection with the acquisition of the Mining Rigs, Gunpowder issued Eight Million, Eight Hundred and Ninety Eight Thousand, Nine Hundred and Seventy-Six (“8,898,976”) Common Shares at a deemed price of Five Cents (“$0.05”) CDN per Common Share to acquire the Mining Rigs for MethodeVerte Inc.
Upon the completion of the issuance of the 8,898,976 Common Shares, the Corporation will have 106,950,726 Common Shares issued and outstanding.
About Gunpowder Capital Corp.
Gunpowder Capital Corp., is a merchant bank and advisory services firm based in Toronto, Ontario, Canada. Gunpowder invests in both publicly traded and private businesses that have successful management teams and attractive economic models. Gunpowder partners with these businesses to support their growth initiatives with its proven methodology of appropriate financing and structured exits. Gunpowder offers debt financing, including mezzanine and bridge loans, equity financing and advisory services. Gunpowder is also building a portfolio of companies in which it takes a long term position and view.