REG - Vinanz Limited - Vinanz to Triple Bitcoin Miners and Placing

TP IcapAnnouncement

09/11/2023 08:15

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RNS Number : 8749S  Vinanz Limited  09 November 2023

9 November 2023

 

This announcement contains information which, prior to its disclosure, was
inside information as stipulated under Regulation 11 of the Market Abuse
(Amendment) (EU Exit) Regulations 2019/310 (as amended). Upon the publication
of this announcement via a Regulatory Information Service, this inside
information is now considered to be in the public domain.

 

 

Vinanz Limited

 

("Vinanz" or "the Company")

 

Vinanz to Triple Bitcoin Miners in North America

 

and £350,000 Placing at 3 pence per Share

 

 

Vinanz Limited (London AQSE: BTC and US OTCQB: VINZF), the London listed
Bitcoin mining company focusing on decentralised deployment of Bitcoin mining
clusters in multiple data facilities throughout the US and Canada, is pleased
to announce that it has raised £350,000 (gross) at 3.0 pence per share,
representing a premium of 4.35% to the closing mid-price of 2.875 pence per
share on 8 November 2023, and will be used primarily to acquire 250 additional
bitcoin miners which will approximately triple the Company's current Bitcoin
mining fleet in North America.

 

Vinanz is working with its preferred supplier of miners in the North America
to have these new units installed and spinning well before the end of 2023.

 

These planned 250 new miners to be acquired will be Bitmain Antminer SJ19 Pro
ASIC miners (rated at 10.4 Terrahash/second) (or equivalent) and will increase
Vinanz's computers spinning from 120 to 370 and an increase in the Company's
overall processing rate to around 38 Petahash/second ("PH/s") from 12 PH/s, an
approximate tripling of Vinanz's current processing power.

 

The cost to acquire and install the planned 250 ASIC miners will be completely
covered from the proceeds of this placing. Vinanz is again looking to install
the new hardware in Canada data centre, where energy is primarily generated
from GREEN HYDRO.

 

 

David Lenigas, Vinanz's Executive Chairman, said:

 

"With the next Bitcoin halving fast approaching and the institutional ETFs in
the USA moving through their applications with the US SEC, the board of Vinanz
thought it highly prudent to dramatically increase the number of spinning
Bitcoin miners in North America as soon as possible. Adding another 250
Antminers to our spinning fleet in the coming weeks achieves this."

 

Raising fresh equity now to increase the mining fleet puts the Company into a
very solid financial position going forward. Increasing our mining fleet to
370 machines in the coming weeks should see a new Bitcoin generated to our
wallet around every 10 days or so and generate over US$1.2million of value in
our wallet per year (assuming today's Bitcoin price of US$35,000). We are
building a Bitcoin mining business that gives shareholders considerable upside
leverage for an expected rise in the Bitcoin price as Bitcoin becomes more
mainstream in global finance markets and towards and beyond the next halving."

 

"Our model of building out decentralised mining clusters through third-party
data centres in North America without owning the infrastructure is one that
the board is hard wired into. We have very few corporate costs, we don't have
to or want to pay for expensive infrastructure, and we feel the decentralised
cluster approach de-risks our roll-out strategy and makes our business model
highly scalable."

 

Placing and Total Voting Rights

 

A placing agreement was entered into by the Company and Clear Capital Markets
("CCM") on 8 November 2023 to raise gross proceeds of £350,000 through the
placing of 11,666,667 new Ordinary Shares ("Placing Shares") at a price of 3.0
pence per share ("Placing Price"). The Placing Price represents a premium of
4.35% to the closing mid-price of 2.875 pence per share on 8 November 2023.

Application will be made to the Aquis Stock Exchange for admission of
the 11,666,667 Placing Shares to trading on Aquis. It is expected that
admission will become effective and dealings in the Placing Shares will
commence on Aquis at 8.00 a.m. on or before the 23 November 2023 (or such
later date as may be agreed between the Company and the CCM).

 

The Placing Shares will be issued fully paid and will rank pari passu in all
respects with the Company's existing Ordinary Shares.

 

Following Admission, the total number of Ordinary Shares in the capital of the
Company on issue will be 128,158,506 with voting rights. This figure may be
used by shareholders as the denominator for the calculations by which they
will determine if they are required to notify their interest in, or a change
to their interest in, the Company's issued share capital pursuant to the
Company's Articles.

 

History of Vinanz's Bitcoin Miner Rollout in North America 2023:

 

The Company acquired 20 BTC miners (running at a combined 1.6 PH/s) on listing
in April 2023, and these are located in Nebraska in the USA. Vinanz then
expanded its mining fleet in June when it announced that it had acquired 100
new Bitmain Antminer S19J Pro (104 TH/s) ASIC miners and that these miners
were fully operational in Labrador Canada running at a combined processing
power of 10.4 PH/s. These 250 new Antminers announced today will increase
Vinanz's processing power to around 36 PH/s when installed in the coming
weeks.

 

About Vinanz

 

Vinanz is listed on the London Aquis markets and is building 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. 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.

 

The Company's admission document is available to view on its website
www.vinanz.co.uk (http://www.vinanz.co.uk)

 

The directors of Vinanz Limited accept responsibility for this announcement.

 

For further information please contact:

 

Vinanz Limited

David Lenigas
            david@vinanz.co.uk (mailto:david@vinanz.co.uk)

Jeremy Edelman
jeremy@vinanz.co.uk (mailto:jeremy@vinanz.co.uk)

 

First Sentinel (Corporate Adviser and Broker)

Brian Stockbridge
brian@first-sentinel.com (mailto:brian@first-sentinel.com)

 
                        +44 (0) 20 3989 2222

 

Clear Capital Markets (Broker)

Bob Roberts
            bobroberts@clear-cm.co.uk
(mailto:bobroberts@clear-cm.co.uk)

 
+44 (0) 20 3869 6080

 

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