Last month, Integrated Ventures, Inc. (OTCPQB:INTV) acquired part of digiMINE, LLC, including cryptocurrency mining assets, $175,000 in cash and rights to a multi-year lease to a 5,900 square-foot facility in Marlboro, New Jersey, for 16,666 shares of restricted Preferred B INTV stock.
Thursday morning, the Huntingdon Valley, PA-based company said it acquired the remaining part of digiMINE it hadn't previously bought, again in an all-share transaction.
Per the purchase agreement, Integrated Ventures, a company focused on the cryptocurrency sector and blockchain software development, will issue another 20,000 restricted Preferred B shares to digiMINE. In exchange, INTV will receive 97 assorted ASIC (application-specific integrated circuit) miners and associated mining equipment; $200,000 in cash; and Sia UI and wallet with 554,702 digital coins in it currently worth about $16,500.
Integrated Ventures says it plans to use the cash picked-up in the acquisitions to buy more ASIC S9 miners and for equipment related to power capacity at the newly-opened facility in Marlboro. Upon completion of the acquisition, Integrated Ventures will own 817 assorted cryptocurrency miners, comprised of Antminer S9, Antminer L3, Antminer X3, Antminer A3, Nemesis 8G and Panda B3 Pro models.
CEO Steve Rubakh said in today's news release that he anticipates the company will reach its goal of 1,000 mining rigs by the first of August.
Rubakh added that the company has relocated its mining equipment at its operations in Pennsylvania to save about $21,000 a year and launched mining operations in New Jersey with the initial connection of 45 mining rigs.
Elsewhere, Integrated Ventures is cleaning up its books, with plans to retire non-convertible debt via a $135,000 cash payment to LG Capital within two weeks.
Shares of INTV are moving ahead in early Thursday trading with the developments, advancing 11.11% to $1.40 about one hour into the session.
