REG - Vinanz Limited - Interim Results

TP IcapAnnouncement

31/05/2023 08:15

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RNS Number : 0373B  Vinanz Limited  31 May 2023

The information contained within this announcement is deemed by the Company to
constitute inside information as stipulated under the Market Abuse Regulation
(EU) No. 596/2014 as it forms part of UK domestic law by virtue of the
European Union (Withdrawal) Act 2018 ("MAR")

 

 

31 May 2023

VINANZ LIMITED

("Vinanz" or the Company")

 

First Interim Results for the Six Months to 28 February 2023
(Unaudited)

 

Vinanz Ltd announces its first interim results for the six months period ended
28 February 2023 (the "Period"). Shareholders are reminded that these results
are unaudited and based on the Company's management accounts.

 

This has been an exciting Period for the Company as we prepared to transition
from a concept to reality, so much so that Vinanz's business as a funded
Bitcoin mining company really only begun post the end of this reporting
Period.

Subsequent to the end of the Period, Vinanz commenced trading of the Company's
Ordinary Shares on the Access segment of the Aquis Stock Exchange ("AQSE") in
England on 21 April 2023 under the ticker "BTC", following a successful
subscription and placing of £755,000 (before expenses) by issuing 25,166,667
shares at 3 pence per share. The Company now has 116,491,839 Ordinary Shares
in issue and the market capitalisation of the Company on Admission to trading
on AQSE.

In addition to the funds raised through the AQSE listing, Vinanz had 20
Bitcoin miners spinning in Nebraska and 5.01153011 Bitcoins in its ownership.

Vinanz aims to eventually build out a fully-fledged Bitcoin mining company
initially focusing on installing clusters of Bitcoin miners within multiple
facilities throughout the US and Canada through third-party cryptocurrency
mining providers.

Within its first week of being listed, the Company announced its first
expansion of Bitcoin mining machines by placing an order for the purchase and
installation of 100 new Bitmain Antminer S19J Pro (104 TH/s) ASIC miners.
These miners were ordered from a USA company, Luxor Technology Corporation.

This expansion increases the number of Bitcoin ASIC miners from 20 to 120 and
increases Vinanz's combined Terrahash processing power in North America by
650% to 12,000 TH/s.

The contracted cost to acquire the 100 new ASIC miners is USD $13.50 per TH
with a total purchase price shipped of USD $159,000. The hardware will be
installed and operated under a Hosting Services Agreement in Labrador, in
northeast Canada. Labrador was an ideal choice of location for the Company's
first expansion of its ASIC miners as the energy in Labrador is primarily
generated from GREEN HYDRO. As Vinanz's fleet scales, electricity rates will
decrease on a sliding scale from USD 6.6 cents per kWh to USD 5.7 cents or
less.

Whilst the Company will focus initially on BTC mining, it will also consider
the mining of other cryptocurrencies, and operations in the DeFi and Big Data
space in the future. The Company intends to be able to provide a listed UK
platform to offer entry to the technology and cryptocurrency business.

Commenting on the results, David Lenigas, Chairman of Vinanz, said:

"It's fabulous to have finally navigated the listing process of Vinanz onto
the Aquis Stock Exchange and start trading. Our goal is to ultimately build
out a profitable business by deploying decentralised clusters of Bitcoin
miners in the USA and Canada. Our first BTC miners are already spinning in
Nebraska and our next 100 Bitcoin machine cluster of miners into Canada
shortly. Our technical team are already assessing preferred locations for the
next batches of miners. Vinanz is focused on maximising its BTC mining
operations as the next Bitcoin halving, expected to take place in April 2024,
approaches. To date, over 19 million BTC (or over 92% of all BTC possible) has
already been created. The rate at which new Bitcoin is created decreases by
half every 210,000 blocks mined, or roughly every four years until all 21
million Bitcoin have been mined. Historically, data suggests that BTC has hit
new highs post the last three halvings and Vinanz aims to be strategically
positioned as the number of Bitcoins mined increases towards that magic 21
million."

"And of course, I must finish by thanking all the advisers, consultants and
shareholders who have made the listing on Vinanz possible."

The Directors of the Company accept responsibility for the contents of this
announcement.

 

END

 

The Company's regulatory announcements are available to view on its website
www.vinanz.co.uk (http://www.vinanz.co.uk)

 

For further information please contact:

 

Vinanz Limited

David
Lenigas
david@vinanz.co.uk

Jeremy Edelman
jeremy@vinanz.co.uk

 

First Sentinel (Corporate Adviser and Broker)

Brian Stockbridge
brian@first-sentinel.com

 
+44 (0) 20 3989 2222

 

Clear Capital Markets (Broker)

Bob
Roberts
bobroberts@clear-cm.co.uk

 
+44 (0) 20 3869 6080

 

 

 

 Profit and Loss
 Vinanz Limited

 For the 6 months ended 28 February 2023
                                                SEP 2022-FEB 2023  MAR-AUG 2022

 Gross Profit                                   -                  -
 Administrative Costs
 Accounting remuneration                        (15,000.00)        15,000.00
 Company set up costs                           -                  3,000.00
 Professional fees                              10,191.78          15,000.00
 Total Administrative Costs                     (4,808.22)         33,000.00
 Operating Profit                               4,808.22           (33,000.00)
 Profit on Ordinary Activities Before Taxation  4,808.22           (33,000.00)
 Profit after Taxation                          4,808.22           (33,000.00)

 

 

Balance Sheet

Vinanz Limited

As at 28 February 2023

 

 

 

                                         28 FEB 2023                      31 AUG 2022
 Fixed Assets

Tangible Assets
                     Unpaid called up share capital          0.01         -
                     Total Tangible Assets                   0.01         -
                     Total Fixed Assets                      0.01         -

 Current Assets
                     Cash at bank and in hand
                     Everyday bank account                   1,000.00     -
                     Total Cash at bank and in hand          1,000.00     -
                     Prepayments                             9,808.22     20,000.00
 Total Current Assets                                        10,808.22    20,000.00

 Creditors: amounts falling due within one year
 Accounts Payable                                            15,000.00    20,000.00
 Accrued expenses                                            -            15,000.00
 Related party - David Lenigas                               1,000.00     -
 Related party - Jeremy Edelman                              28,000.00    23,000.00
 Total Creditors: amounts falling due within one year        44,000.00    58,000.00
 Net Current Assets (Liabilities)                            (33,191.78)  (38,000.00)
 Total Assets less Current Liabilities                       (33,191.77)  (38,000.00)
 Net Assets                                                  (33,191.77)  (38,000.00)

 Capital and Reserves
 Capital - 1 Ordinary Share                                  0.01         -
 Current Year Earnings                                       4,808.22     (38,000.00)
 Retained Earnings                                           (38,000.00)  -
 Total Capital and Reserves                                  (33,191.77)  (38,000.00)

 

 

 

Statement of Cash Flows

 

 Vinanz Limited

 For the 6 months ended 28 February 2023
                                                                        SEP 2022-FEB 2023  MAR-AUG 2022
 Operating Activities
 Payments to suppliers and employees                                    (191.78)           (23,000.00)
 Net Cash Flows from Operating Activities                               (191.78)           (23,000.00)
 Investing Activities
                            Other cash items from investing activities  10,191.77          (20,000.00)
                            Net Cash Flows from Investing Activities    10,191.77          (20,000.00)
 Financing Activities
 Other cash items from financing activities                             (8,999.99)         43,000.00
 Net Cash Flows from Financing Activities                               (8,999.99)         43,000.00
 Net Cash Flows                                                         1,000.00           -
 Cash and Cash Equivalents
 Cash and cash equivalents at beginning of period                       -                  -
 Net change in cash for period                                          1,000.00           -
 Cash and cash equivalents at end of period                             1,000.00           -

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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