09:35 AM EST - Hello Pal International Inc. : Announced that it has entered into a definitive purchase agreement with a company controlled by Shanghai Yitang Data Technology Co. Ltd. to acquire an initial 51% interest in 12,500 mining rigs dedicated to mining Dogecoin (DOGE) and Litecoin (LTC), with an option to increase such interest to 100%. The Mining Assets provide a combined hash rate of 6.25 TH/s, which amounts to 2.1% of the entire current LTC network hash rate. The consideration for the Transaction is C$1,500,000 payable in cash and 1,800,000 units of the Company valued at C$2,250,000 . Each Consideration Unit will have a deemed value of C$1.25 and consist of one common share of the Company and one-half of one common share purchase warrant of the Company (each whole common share purchase warrant, a "Consideration Warrant"). Each Consideration Warrant will entitle the holder thereof to acquire one Common Share at an exercise price of C$2.00 for a period of two years from the date of issue. For a period of two years following the completion of the Transaction, the Company will have the option to acquire a further 49% interest in the Mining Assets (for a total interest of 100%) for an additional payment, as to half in cash and half in Common Shares (the number of Common Shares to be determined in the context of the market), where the valuation of the Mining Assets is dependent on their net profit over a 12-month period immediately preceding the date on which this option is exercised, multiplied by a formulated multiplier. Hello Pal International Inc.
shares C.HP are trading up 3 cents at $1.37.
