Geneses Mining Makes $5.5 Million USD Equity Investment in Hive Blockchain

Blockchain, Investing, News | October 11, 2017 By:

An investor rights agreement has been closed between Hive Blockchain Technologies Ltd and Geneses Mining Ltd. Under this agreement, Geneses will purchase 4666,667 shares of Hive and each share would cost C$1.50 for a total investment of C$7,000,000 (US $5.593 million). The deal closed today.

Hive has a state of the art GPU based cryptocurrency mining facility in Ireland which was completed in May of this year. 2017. Geneses is one of the world’s leading cryptocurrency mining hash rate providers.

On September 21, Hive announced a $30 million bought deal financing, a form of financial arrangement often associated with an initial public offering. It occurs when an underwriter, such as an investment bank or a syndicate, purchases securities from an issuer before a preliminary prospectus is filed.

The agreement between these two companies also grants Geneses the right to maintain 30% ownership of Hive. The deal mandates that Geneses hold its shares for four months.

“We welcome the financial support of Genesis Mining, the leading cryptocurrency mining hash power provider with over a million customers, in addition to the invaluable expertise they are already providing,” said Harry Pokrandt, President, CEO and a Director at Hive.