Vancouver, B.C., Dec. 03, 2024 (GLOBE NEWSWIRE) — Dynamite Blockchain Corp.1 (the “Company” or “Dynamite”) (CSE: BLOX)2 is pleased to announce that it has entered into a binding arm’s length Securities Exchange Agreement (the “Acquisition”), dated December 2, 2024, to acquire 100% of the outstanding shares of Kaspa Mining Limited (“Target” or “Kaspa Mining”). This strategic acquisition is expected to significantly ramp up the Company’s Kaspa-oriented capabilities. Kaspa Mining currently owns and operates twenty-five (25) high-performance Bitmain KS5 Pro Kaspa miners and the Acquisition is expected to also provide the Company with access to the Target’s expansive Kaspa-focused capabilities and networks.
Kaspa Mining Acquisition Highlights
The Acquisition is expected to bring the following benefits the Company:
- Turn-key Kaspa Mining Operation – 25 Kaspa miners operating under an economically favourable hosting agreement, establishing a competitive electricity rate of US$0.041 per kilowatt-hour, which is expected to allow for profitable mining of Kaspa.
- Industrial-scale Kaspa Mining Management Services Agreement – with capacity for over 100 machines. Kaspa Mining can develop its infrastructure significantly, should the Company intend to expand.
- Utilizes State-of-the-art Kaspa Mining Technology – operating high-performance Bitmain KS5 Pro Kaspa mining units.
- Utilizes Optimized Algorithms – the kHeavyHash algorithm is expected to ensure energy-efficient operations.
- KASPAMind Software Development – hosted using an AI-driven optimization platform exclusively tailored to enhance Kaspa mining efficiency, optimize hardware performance, and maximize profitability by adapting to Kaspa’s unique proof-of-work architecture.
- Kaspa Mining Equipment Pipeline – volume discounts and supply chain stability for future Kaspa miner purchases through the Target’s existing relationships with manufacturers and wholesalers.
“Kaspa Mining brings the expertise, networks and infrastructure needed to propel our Kaspa focused operations to new heights,” commented Akshay Sood, CEO of Dynamite.
“We believe that our strategy of focusing on Kaspa will create the highest potential long-term value for our shareholders. The Company aims to not only mine and hold Kaspa, but also to drive innovation within its ecosystem,” added Mr. Sood.
A Focus on Kaspa
The Acquisition is part of Dynamite’s continual build out of its Kaspa operations, with the ultimate goal of becoming a leader in Kaspa mining, products and services. The Company has just received approval from the Canadian Securities Exchange (“CSE”) to change its ticker to “KAS”, which is consistent with this strategy.
“We believe that Kaspa’s blockDAG technology positions it as the next stage of evolution in blockchain technology,” concluded Mr. Sood.
The total consideration for the Acquisition will be 30,000,000 common shares of the Company, at a deemed issue price of $0.16 per share. Completion of the Agreement is subject to customary conditions precedent and is targeted for December 9, 2024.
Kaspa Mining’s website is: Kaspamining.tech
On behalf of the Company,
Akshay Sood,
Chief Executive Officer
Telephone: 236-259-0279
About Dynamite Blockchain Corp.
Dynamite Blockchain is a blockchain technology infrastructure company focused on building a diversified blockchain ecosystem focused on Kaspa.
Forward-Looking Statements
The information in this news release includes certain information and statements about management’s view of future events, expectations, plans, and prospects that constitute forward-looking statements. These statements are based upon assumptions that are subject to risks and uncertainties. Forward- looking statements in this news release include, without limitation, statements respecting: the Acquisition; completion of the Acquisition; an increase in the Company’s Kaspa mining operations and further access to a network of Kaspa-focused services; the potential ramping up of Kaspa Mining’s operations; the use of capacity under the MSA; efficiency of Kaspa Mining’s operations; and the anticipated benefits to the Company of the Acquisition. Although the Company believes that the expectations reflected in forward-looking statements are reasonable, it can give no assurances that the expectations of any forward-looking statement will prove to be correct. Except as required by law, the Company disclaims any intention and assumes no obligation to update or revise any forward-looking statements to reflect actual results, whether as a result of new information, future events, changes in assumptions, changes in factors affecting such forward-looking statements, or otherwise.
The CSE (operated by CNSX Markets Inc.) has neither approved nor disapproved of the contents of this press release.
Footnotes
- The Company was previously named “Cryptoblox Technologies Inc.”. Please see the Company’s news release respecting its change of name dated November 29, 2024.
- The Company has been approved to change its ticker symbol to “KAS” and the Company’s common shares will commence trading under the Company’s new name and symbol under CUSIP:26806J109 and ISIN: CA26806J1093 on or around December 6, 2024. The Company anticipates no interruptions to its trading activities as part of this change. Shareholders are not required to take any action concerning the name and ticker symbol change, which will be automatically updated on all relevant trading platforms.
