/NOT FOR DISTRIBUTION IN THE UNITED STATES OR OVER UNITED STATES WIRE SERVICES/
CALGARY, Alberta, May 23, 2018 (GLOBE NEWSWIRE) -- Vogogo Inc. ("Vogogo" or the "Company") (CSE:VGO) is pleased to provide shareholders with an update regarding the acquisition of 14,000 newly installed cryptocurrency mining machines (21 megawatts) plus supporting infrastructure, in a facility near Montreal (the "828 Acquisition").
“With our cash on hand and a fully underwritten and committed financing we now have all the funds necessary to close on the 828 Acquisition” said John FitzGerald, President and Chief Executive Officer of Vogogo.
The Company’s recent convertible debenture offering, announced on May 15, 2018, was oversubscribed with total gross proceeds of up to $34,500,000 CAD (assuming exercise in full of the over-allotment option). The offering was underwritten by Canaccord Genuity Corp. and Beacon Securities Limited.
At this time, Vogogo expects to close the 828 Acquisition by June 15, 2018. "The electrical, HVAC and machine installations are all on track for closing in about three weeks. We are working to complete due diligence and ensure a smooth transition of these assets into our daily operations” said Mr. FitzGerald.
About Vogogo Inc.:
Vogogo currently operates its cryptocurrency mining activities at a leased facility in Québec. This includes mining for cryptocurrencies for its own account and within mining pools. As it continues to embrace blockchain technology, Vogogo is exploring opportunities in all aspects of the cryptocurrency segment, including the three verticals of mining, payments and currency exchange.
For information or interview please contact:
John Kennedy FitzGerald
Chief Executive Officer and President
403-648-9292
SOURCE Vogogo Inc.
READER ADVISORY
Neither the Canadian Securities Exchange (“CSE”) nor the Market Regulator (as that term is defined in the policies of the CSE) accepts responsibility for the adequacy or accuracy of this press release.
CAUTIONARY NOTE REGARDING FORWARD-LOOKING INFORMATION: Certain information in this news release constitutes forward-looking information under applicable securities laws. Any statements that are contained in this news release that are not statements of historical fact may be deemed to be forward-looking information. Forward-looking information is often identified by terms such as "may", "should", "anticipate", "expect", "potential", "believe", "intend" or the negative of these terms and similar expressions. Forward-looking information in this news release includes, but is not limited to, statements with respect to the closing of the convertible debenture offering and the proceeds thereof, the successful completion of and timing of the completion of the 828 Acquisition, and expected performance metrics for cryptocurrency mining machines. Forward-looking information is based on certain assumptions, including expected cryptocurrency industry trends, the price of cryptocurrency mining machines, the price of cryptocurrencies, the price of electricity and the performance and life of cryptocurrency mining machines. While the Company considers these assumptions to be reasonable, based on information currently available, they may prove to be incorrect. Readers are cautioned not to place undue reliance on forward-looking information. Forward-looking information necessarily involves known and unknown risks, including, without limitation, risks associated with general economic conditions; adverse industry events; termination of the convertible debenture offering; failure to have sufficient resources to close the 828 Acquisition; future legislative and regulatory developments involving cryptocurrency; inability to access sufficient capital from internal and external sources, and/or inability to access sufficient capital on favourable terms; changes to the cryptocurrency industry; changes in income tax and regulation of cryptocurrencies and cryptocurrency mining; the inability of the Company to implement its business strategies; increased competition; currency and interest rate fluctuations and other risks. Readers are cautioned that the foregoing list is not exhaustive. Readers are further cautioned not to place undue reliance on forward-looking information as there can be no assurance that the plans, intentions or expectations upon which they are placed will occur. Such information, although considered reasonable by management at the time of preparation, may prove to be incorrect and actual results may differ materially from those anticipated. Forward-looking information contained in this news release is expressly qualified by this cautionary statement and reflect the Company’s expectations as of the date hereof, and thus are subject to change thereafter. The Company disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, except as required by law.