CryptoStar To Acquire GPU Miners In Exchange For 20.0 Million Common Shares

CryptoStar Corp (TSXV: CSTR) has entered a non-binding letter of intent to acquire GPU miners for the mining of cryptocurrency in exchange for common shares. The agreement has been entered into with an undisclosed Hong Kong based firm.

The letter of intent outlines an arrangement whereby the vendor will supply CryptoStar with the latest generation of GPU miners, containing GeForce RTX 3000 Series GPU cards, with a combined hashrate of 85,680 MH/s. The miners are expected to be able to mine approximately 142.8 Ethereum per month, based on current hash rate levels.

In exchange for the GPU miners, the company is expected to issue 20 million common shares of its equity, at a price equivalent to $0.10 per share, valuing the transaction at $2.0 million. Upon the signing of a definitive agreement, the GPU miners are expected to be delivered within 14 days to the firm.

CryptoStar Corp last traded at $0.12 on the TSX Venture.

Information for this briefing was found via Sedar and CryptoStar Corp. The author has no securities or affiliations related to this organization. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.

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