KHAN RESOURCES ANNOUNCES INVESTMENT IN ARTIC BLOCKCHAIN LTD.

 
KHAN RESOURCES ANNOUNCES INVESTMENT IN ARTIC BLOCKCHAIN LTD.

 Toronto, Ontario -- March 7, 2018 -- InvestorsHub NewsWire -- Khan Resources (CSE:KRI) is pleased to announce that it has made a material investment into privately held Arctic Blockchain Ltd as part of that company's acquisition transaction of a private UK based company called Hydro 66. Hydro 66 is an award-winning datacenter company based in Boden, Northern Sweden and specializes in high compute applications that include typical enterprise customers as well as some MAAS ("mining as a service") operators mining various cryptocurrencies.

 

With a commitment of $2.5 million, Khan was the largest single investor in a $10 million convertible debenture financing that will facilitate Hydro 66's growth plans and is also intended to be the final private financing round prior to a Canadian public listing planned for Q2/2018. Compete details of the Arctic / Hydro 66 transaction can be found at: https://www.newswire.ca/news-releases/arctic-blockchain-completes-financing-and-acquisition-of-hydro66-675574113.html

 

Hydro66, based in Boden, Northern Sweden, is an award-winning datacenter company that has been operating since 2014, offering enterprise co-location services as well as mining cryptocurrency on its own account and for customers, continuously since inception. The Hydro66 flagship facility has installed operating capacity of 4MW with an additional 36MW of capacity under construction. Beyond the 40MW of power secured for the current expansion, Hydro66 has also reserved an additional 50MW of power capacity for future expansion. The facility is 100% environmentally friendly using hydro-power and an innovative building and cooling system was designed to allow for free air cooling 365 days per year.  The build out to the full 40MW capacity will be completed by Q1 2019.
 

Marc Henderson, interim CEO of Khan states : "We looked at many high impact opportunities to relaunch Khan as an active company and within the sectors that currently have the best combination of capital markets dynamism and future long-term growth prospects, Blockchain clearly stands out. Within that sector, the Arctic opportunity was clearly differentiated by its deeply experienced technical team and the natural geographic advantage conferred by its Northern Swedish location where the combination of low cost hydro power and ambient cooling are hard to replicate and provide a significant operating cost advantage. As part of our investment, Khan has the right to maintain it's pro-rata participation in the future equity raises and we look forward to a long relationship with the Company."  Henderson further added "this investment represents out initial investment in the sector and may make other Blockchain related investments or Investments into other sectors with attractive growth profiles."

 

For further information contact:

Marc Henderson, interim Chief Executive Officer

Toronto, Canada [phone]

 [e-mail]