Capricorn Business Acquisitions Inc. Announces Proposed Closing Date of Its Qualifying Transaction and Filing of Its Filing Statement
Toronto, Ontario–(Newsfile Corp. – August 27, 2021) – Capricorn Business Acquisitions Inc. (TSXV: CAK.H) (the “Company” or “Capricorn“) is pleased to announce that it expects that its previously announced qualifying transaction (the “Transaction“) with Canada Computational Unlimited Inc. (“CCU.ai“) will close on or about September 7, 2021 and in connection with such closing the Company has filed its filing statement which contains details regarding the Transaction, CCU.ai, Capricorn and the resulting issuer under the Company’s profile on www.sedar.com.
CCU.ai was incorporated pursuant to the Business Corporations Act (Québec) on November 16, 2017. Since its creation, CCU.ai operates a high-density computation center built for high-grade cryptocurrency mining, AI data processing and fintech infrastructure located in the city of Joliette in the Province of Québec. In 2018, CCU.ai contracted with Hydro-Joliette to purchase up to 20 MW of hydro-electrical power to be used for crypto mining. 7.5 MW are currently used by CCU.ai to produce the equivalent of around 200 PH/s of Bitcoin mining power (hashrate) and 6 GH/s of Ethereum mining power. CCU.ai has mined 421 Bitcoin since its creation. In May and June 2021, CCU.ai entered into agreements to rent a portion of its mining space to a third party for a monthly fee of up to $260,000. The capacity to use the remaining 12.5 MW is set to be built in the coming months. CCU.ai is led and managed by technology entrepreneurs, electricity and ventilation experts and network specialists. Since its inception, CCU.ai has pursued a vision of environmental stewardship and increased performance throughout the digital assets mining process. The availability of energy from renewable sources in the province of Québec has made this endeavor feasible and a great base for future growth.
Investors are cautioned that, except as disclosed in the filing statement, any information released or received with respect to the Transaction may not be accurate or complete and should not be relied upon. Trading in the securities of a capital pool company should be considered highly speculative.
The TSXV has in no way passed upon the merits of the Transaction and has neither approved nor disapproved the contents of this press release.
NEITHER THE TSXV NOR ITS REGULATION SERVICES PROVIDER (AS THAT TERM IS DEFINED IN THE POLICIES OF THE TSXV) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.
This news release does not constitute an offer to sell or the solicitation of an offer to buy any securities in any jurisdiction.
Cautionary Statement Regarding Forward-Looking Information
This news release contains certain forward-looking statements, including statements relating to the Transaction and the timing of the closing thereof and other statements that are not historical facts. Wherever possible, words such as “may”, “will”, “should”, “could”, “expect”, “plan”, “intend”, “anticipate”, “believe”, “estimate”, “predict” or “potential” or the negative or other variations of these words, or similar words or phrases, have been used to identify these forward-looking statements. These statements reflect management’s current beliefs and are based on information currently available to management as at the date hereof.
Forward-looking statements involve significant risk, uncertainties and assumptions. Many factors could cause actual results, performance or achievements to differ materially from the results discussed or implied in the forward-looking statements. As a result, the Company cannot guarantee that the Transaction will be completed on the timing set forth herein or at all. These factors should be considered carefully and readers should not place undue reliance on the forward-looking statements. Although the forward-looking statements contained in this press release are based upon what management believes to be reasonable assumptions, the Company cannot assure readers that actual results will be consistent with these forward-looking statements. These forward-looking statements are made as of the date of this press release, and the Company assumes no obligation to update or revise them to reflect new events or circumstances, except as required by law.
For additional information, please connect to www.ccu.ai or contact: Romain Nouzareth, Chief Executive Officer of Canada Computational Unlimited Inc. at [email protected] or Yvan Routhier, Chief Executive Officer, President and Director of Capricorn Business Acquisition Inc. at [email protected] or (514) 249-0714.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/94767