Home Blockchain Bullet Blockchain Provides Update on Merger With Britannia Mining

Bullet Blockchain Provides Update on Merger With Britannia Mining

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CORK, IRELAND / ACCESSWIRE / September 27, 2021 / Bullet Blockchain LTD. (“Bullet” or the “Firm”), a turnkey crypto mining operation targeted on effectivity, stability, transparency and scalability, introduced in the present day, that though the Firm has been formally acquired by and merged with Britannia Mining, Inc. (“Britannia”) (the “Britannia-Bullet Merger”), and Britannia has accomplished the mandatory state filings to vary Britannia’s title to Bullet Blockchain, Inc., Britannia continues to work by way of the method of effectuating the reverse cut up and formalizing the title change in order that the Britannia-Bullet Merger is formally mirrored in Britannia’s frequent inventory with the OTC Markets Group, Inc (“OTC Markets”).

In the present day, Britannia provided an update, reiterating its dedication to defending its present shareholders and that the Britannia-Bullet Merger goals to scrub up Britannia’s capitalization desk by utilizing a multifaceted method to the reverse cut up.

As Britannia detailed within the August 17th, 2021, Supplemental Disclosure, the restructuring of the capitalization desk will probably be as follows:

  • First, the Reverse Break up: The Firm will reverse cut up the frequent inventory on a 1-10 (one for 10) foundation; that means that each 10 shares of frequent inventory owned will probably be exchanged for 1 share of frequent inventory (the “Reverse Break up”);

  • Subsequent, the Spherical Up: These shareholders holding lower than 4,440 shares of the Firm’s frequent inventory, will probably be rounded up to 444 shares of frequent inventory after the Reverse Break up; that means that, if on the time of the Reverse Break up, any shareholder that holds between 1 and 4,440 shares of frequent inventory, that shareholder’s holdings can be adjusted as much as 444 shares of the frequent inventory (the “Spherical Up”); and,

  • Lastly, the Spherical Down: These shareholders holding 4,000,000 or extra shares of the Firm’s frequent inventory will probably be rounded down to 366 shares after the Reverse Break up; that means that, if on the time of the Reverse Break up, any shareholder that holds 4,000,000 or extra shares of frequent inventory, that shareholder’s holdings will probably be adjusted right down to 366 shares of the frequent inventory (the “Spherical Down”).

As it’s the Britannia-Bullet merger’s intent to guard shareholder curiosity, particularly the smaller shareholders, it’s believed that the 1-10 (one for 10) reverse inventory cut up of Britannia’s frequent inventory is each average and accountable. Usually talking, many reverse splits typically ‘reverse’ smaller shareholders out of their holdings when not correctly addressed. Administration believes {that a} very considerate method to this has been taken which explains for the Spherical Up-helping to make sure that no shareholder’s holdings is extinguished and every can proceed to profit from the potential of the Britannia-Bullet Merger. Likewise, in an effort to stave off legacy toxicity that may doubtlessly affect shareholder confidence, Britannia is instituting the Spherical Right down to primarily type a extra equitable atmosphere for Britannia’s present shareholders to profit from the potential of the Britannia-Bullet Merger.

Administration believes that the Britannia-Bullet Merger, might doubtlessly carry out nicely, notably when you think about that Bullet’s infrastructure companions have now given the Britannia-Bullet Merger a pathway to, and thru, probably the most lately secured buildout capability of 200 megawatts. That is up from Bullet’s initial 100 megawatts. This means that there’s definitely room and a possibility for development for the Britannia-Bullet Merger.

Administration is hopeful that Britannia will quickly be capable of effectuate the Reverse Break up and that Britannia’s frequent inventory will mirror the brand new title (Bullet Blockchain) on the OTC Markets’ web site.

For extra info, please go to www.BulletBlockchain.com.

About Britannia Mining

At current, Britannia Mining is recognized as a pure sources improvement firm targeted on buying top quality mineral, mining, and different commodity-based initiatives. The Firm has been exploring alternatives to transition its enterprise in direction of the digital expertise house.

About Bullet Blockchain

Bullet Blockchain, LTD. is a blockchain expertise firm primarily based within the Republic of Eire, that secures the bitcoin blockchain ledger. Bullet has secured partnerships that affords the Firm entry to extremely coveted {hardware}, land, buildings, fuel, mills, racks, safety, and so on. Bullet has secured 200 megawatts of electrical energy and infrastructure capability for six,000 petahash and has deployed an preliminary {hardware} fleet of three,500 subsequent era ASIC miners-focused on bitcoin mining – with an preliminary hash charge capability of 315 petahash and 12 megawatts of electrical energy.

Bullet is assured that it may handle its bitcoin mining operations at a far lesser value per kilowatt than trade rivals, due to this fact producing bitcoin at a decrease value with higher revenue. Bullet is targeted on effectivity, stability, transparency, and scalability, and plans to swiftly scale operations to 60,000 miners throughout the subsequent 12 months.

For investor and normal info, please electronic mail contact@BulletBlockchain.com.

Ahead Wanting Statements

Statements on this press launch that aren’t statements of historic or present reality represent “forward-looking statements.” Such forward-looking statements contain identified and unknown dangers, uncertainties and different unknown components that would trigger the Firm’s precise working outcomes to be materially totally different from any historic outcomes or from any future outcomes expressed or implied by such forward-looking statements. Along with statements that explicitly describe these dangers and uncertainties, readers are urged to contemplate statements that include phrases akin to “believes,” “perception,” “expects,” “count on,” “intends,” “intend,” “anticipate,” “anticipates,” “plans,” “plan,” to be unsure and forward-looking.


SOURCE: Bullet Blockchain, Inc.

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