Gold miner now in the blockchain business
Vancouver-based Caza Gold and Arctic Blockchain have agreed to merge through a transaction described as a "reverse takeover" of Caza by Arctic. This means that the former will change its business from a mining issuer to a technology issuer.
Even though the terms of the transaction are still to be defined, the idea is that following completion former Arctic shareholders will hold approximately 98.2% of the resulting issuer and Caza shareholders will hold approximately 1.2% of the resulting issuer. The deal should be inked on or around April 30, 2018.
Arctic is the sole shareholder of Hydro66 UK Limited, a firm based in Boden, Northern Sweden. Hydro66 is a data centre company that has been operating since 2014, and offers enterprise co-location services as well as cryptocurrency mining.
According to a press release issued by the two firms, the Hydro66 flagship facility has installed operating capacity of 4MW with an additional 36MW of capacity under construction. Beyond the 40MW of power secured for the current expansion, which should be completed by Q1 2019, Hydro66 has also reserved an additional 50MW of power capacity for future growth.
"The facility is 100% environmentally friendly using hydro-power and an innovative building and cooling system was designed to allow for free air cooling 365 days per year," Arctic said in the media statement.