Vancouver, B.C, June 29, 2023 – CryptoBlox Technologies Inc. (the “Company” or “CryptoBlox”) (CSE:
BLOX), is pleased to announce, further to its news release dated June 19, 2023 (the “Prior Release”),
that it has completed its acquisition (the “Acquisition”) of Red Water Acquisition Corp. (“Redwater”),
a company specializing in crypto mining technology.
As discussed in the Prior Release, Redwater’s air-cooled data centers and advanced heat recapture
products have obtained development rights in Sturgeon County, Alberta, Canada, for its operations.
This site will serve as the foundation for Redwater’s state-of-the-art crypto mining facility, designed for
efficiency and cost-effectiveness.
Both CryptoBlox and Redwater share a common commitment to sustainable and responsible practices
in the crypto-mining industry. Through Redwater, CryptoBlox intends to invest in energy-efficient
solutions and environmentally friendly mining practices, aligning with its vision of promoting a greener
and more sustainable future for the blockchain ecosystem.
The completion of the Acquisition marks a significant milestone for CryptoBlox as it strengthens its
position as a leading player in the crypto-mining industry. “Redwater’s experience in crypto-mining
aligns with our strategic vision of providing comprehensive blockchain solutions,” commented
CryptoBlox Interim CEO, Taryn Stemp. “Together, we plan to unlock new opportunities and deliver
unparalleled value to our clients and partners.”
As compensation for the Acquisition, the Company has issued a total of 118,280,800 common shares
of the Company (the “Closing Consideration Shares”) at a deemed price of $0.05 per Closing
Consideration Share to the vendors of Redwater (the “Vendors”), and will issue another 101,719,200
common shares of the Company (the “Deferred Consideration Shares”) at a deemed price of $0.05 per
Deferred Consideration Share to the Vendors upon the completion of certain milestones being met by
Redwater and the Vendors, for aggregate consideration of 220,000,000 common shares of the
Company, having a deemed transaction value of $11,000,000.
On behalf of the Company,
Chief Executive Officer