VANCOUVER, British Columbia, June 10, 2022 (GLOBE NEWSWIRE) — LUXXFOLIO Holdings (CSE:LUXX) (OTCQB:LUXFF) (FSE:LUH), a Canadian-based vertically integrated digital asset company, announced a strategic investment from BIGG Digital Assets Inc. BIGG (CSE:BIGG) (OTCQX:BBKCF) acquired 12.5 million units for $0.16 per unit. Each unit consisted of one share and one warrant, the warrant being exercisable at $0.21 for a period of 24 months, subject to an acceleration clause.
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The net proceeds will be used for future investments and operating expenses, or other such areas as may be determined by the Board of Directors. BIGG now owns approximately 15% of LUXXFOLIO and as long as they hold an equity interest of 10% or more, they will have the right to appoint one member to the Board of Directors of LUXXFOLIO, along with certain pre-emptive rights.
BIGG’s main business units consist of Netcoins (www.Netcoins.ca), the online cryptocurrency brokerage that makes it easy for Canadians to buy, sell, and understand cryptocurrency, and Blockchain Intelligence Group (www.blockchaingroup.io), a leading developer of search, risk scoring and data analytics solutions based on blockchain technology.
LUXXFOLIO was looking for a strategic partner to help fund the next growth phase in both the traditional Bitcoin mining vertical and more recently an access to a decentralized data storage vertical. Decentralized storage supports advances in cloud computing and includes fast-growing areas such as scientific research and development, AI (artificial intelligence), and 3D modeling.
Ken MacLean, President of LUXXFOLIO, stated: “We are pleased to welcome BIGG as a major shareholder in LUXXFOLIO. BIGG will be an excellent partner in navigating the opportunities in today’s volatile market. Mark Binns and his team support our vision and their investment allows us to remain opportunistic in executing our 2022 plan†
LUXXFOLIO, through its wholly owned subsidiary, operates an industrial-scale cryptocurrency mining facility in New Mexico powered primarily by renewable energy. The mining site is currently operating at about 180 PH/s, up 6% month over month from the 170 PH/s on March 31 and reported that 25.22 Bitcoins were mined in May.
Mark Binns, CEO of BIGG, added: “BIGG is primarily a digital asset company – and complementary to our interests in crypto forensics, crypto trading and Metaverse/NFT is crypto mining – a mainstay and essential part of the digital asset economy. We believe that LUXXFOLIO can become a global leader in sustainable crypto mining and has established an outstanding beachhead operation in New Mexico with significant expansion potential. LUXXFOLIO’s team, led by Ken MacLean, has built deep relationships in the crypto mining community and has grown the business through multiple crypto price cycles.†
Ken Maclean, President of LUXXFOLIO, continues: “Our current power costs are equivalent to about $7,900 to produce one Bitcoin. Having stable power prices in a rising inflation environment is an important sustainable differentiator for LUXXFOLIO, as we continue to see other players in the sector take this risk. This coupled with our completed power expansion and delivery of new miners in the next quarter provides a solid foundation for the future†
With its shares trading at $0.17 on the CSE under the symbol “LUXX”, the company offers a liquid alternative to exposure to digital assets. The company also trades on the OTCQB under the symbol “LUXFF” and on the Frankfurt and Berlin stock exchanges under the symbol “LUH”.
For more information, visit the company website www.luxxfolio.comcontact Dean Linden, Chief Communications Strategist, at 604-398-3837 or email DLinden@luxxfolio.comor follow the company on any of its social media platforms, including Twitter, YouTube, LinkedIn, Facebook and Instagram.
LUXXFOLIO also invites shareholders and potential investors to join the conversation about LUXXFOLIO Holdings’ Telegram group at: https://t.me/Luxxfolio†
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