PHILADELPHIA, PA / ACCESSWIRE / July 18, 2019 / Integrated Ventures Inc, (OTCQB: INTV) (“Company”) is pleased to provide this financial update with details on the most recent financial and operational transactions.
Financial Summary:
Secure Hosting, LLC
On August 2, 2018, the Company entered into an Asset Purchase Agreement with Secure Hosting, LLC (“Secure Hosting”) for the purchase of 182 Ethereum mining machines. As consideration for the purchase of the machines, the Company issued 38,018 shares of its Series B convertible preferred stock. During March of 2019, shareholders of Secure Hosting had converted 35,018 shares of Series B preferred stock into 3,501,800 shares of the Company’s common stock.
*As of May 14, 2019, two shareholders of Secure Hosting have sold 1,747,300 shares. The balance of undeposited shares is 1,754,500.
On May 21, 2019, the Company and DigiMine, LLC entered into an Exchange Agreement, pursuant to which, DigiMine had agreed to surrender the remaining 20,000 shares of the Company’s Series B Preferred Stock held by it and terminate its Put-Back-Rights under certain April 2018 Security and Pledge Agreements, in exchange for 10,000,000 shares of the Company’s common stock, which is to be issued in ten tranches of 1,000,000 shares each.
As of July 10, 2019, 4,000,000 shares of common stock have been issued pursuant to the this Exchange Agreement, with 6,000,000 common shares remaining to be issued.
On September 17, 2018, the Company entered into a convertible promissory note with Geneva Roth Remark Holdings, Inc., in the principal amount of $128,000.
** The remaining outstanding balance of this Note is $0.
In May and June 2019, a total of 1,083,218 shares of the Company’s common stock were issued in full conversion of a convertible note, payable with an original principal balance of $52,000 to Armada Investment Fund, LLC.
**The remaining outstanding balance of this Note is $0.
In May and June 2019, a total of 1,089,192 shares of the Company’s common stock were issued in full conversion of a convertible note payable with an original principal balance of $52,000 to BHP Capital, LLC.
***The remaining outstanding balance of this Note is $0.
On January 19, 2018, Integrated Ventures, Inc. and St. George Investments, LLC entered into a Securities Purchase Agreement, pursuant to which St. George purchased 462,900 restricted common shares of the Company for $750,000. The Company received net proceeds of $720,000. The Company had issued to St. George, a three-year warrant (the “Warrant”) for the purchase of 347,175 shares of the Company’s common stock at a cash exercise price of $2.16 per share. The Warrant also contained a cashless exercise option.
During the period from August 23, 2018 through May 29, 2019, St. George exercised a total of 99,713 warrants in cashless exercises and was issued a total of 4,950,000 shares of the Company’s common stock, resulting in 247,462 remaining shares issuable under the Warrant.
On June 26, 2019, the Company and St. George executed an Exchange Agreement, pursuant to which the Company issued a new Convertible Promissory Note, in the original principal amount of $500,000, in exchange for the surrender by St. George of the Warrant.
The Note bears interest at the rate of 5% per annum and matures six months from the issuance date. St. George shall have the right, exercisable at any time in its discretion, to convert any amount of the Note and accrued interest into common shares of the Company at an exercise price equal to 80% multiplied by the average of the three lowest closing trade prices of the Company’s common stock during the twenty trading days immediately preceding the applicable conversion date. The Company shall have the right to prepay all or any portion of the outstanding balance of the Note.
****As of 07/17/2019, the remaining outstanding balance of this Note was $401,286.45.
Business Summary:
On 06/15/2019, the Company had entered into energy supply Agreement with NY based PetaWatt Holdings, LLC and successfully launched mining operations on 07/01/2019.
During last 60 days, the Company had purchased an additional 65 mining rigs. As of 07/15/2019, the total # of mining rigs connected was 350. Total number is expected to reach 800 by 7/30/2019, once all ventilation systems are installed.
The Company has raised $375,000, to be deployed for purchases of the mining equipment and the expansion of mining operations.
On 07/10/2019, the Company has engaged Wattum, LLC to manage Company's mining pool operations, to assist with mining equipment set up and configuration as well as to provide IT, monitoring, product support and maintenance services.
The Company is on schedule to timely file its Fully Audited 2019 Form 10K Report.
Steve Rubakh, CEO of Integrated Ventures, adds the following commentary:
“The purpose of today's Corporate Update is to provide shareholders with all details, regarding recent changes in Company's share structure. The Company believes that the recent restructioning of its major financial liabilities, greatly upgrades Company's ability to ramp up its core operations. Going forward, we are confident that investors and shareholders will be pleased with speed, scale and execution of the Company's business strategy”.
About Integrated Ventures Inc: The Company operates as Technology Holdings Company with focus on cryptocurrency sector. For more information, please visit company's website at www.integratedventuresinc.com.
Safe Harbor Statement:
The information posted in this release may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. You can identify these statements by use of the words "may," "will," "should," "plans," "explores," "expects," "anticipates," "continue," "estimate," "project," "intend," and similar expressions. Forward-looking statements involve risks and uncertainties that could cause actual results to differ materially from those projected or anticipated. These risks and uncertainties include, but are not limited to, general economic and business conditions, effects of continued geopolitical unrest and regional conflicts, competition, changes in technology and methods of marketing, and various other factors beyond the company's control.
SOURCE: Integrated Ventures Inc.