Aquarius AI Inc.Announces Acquisition of Latest Generation Bitcoin Mining Platforms

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Vancouver, British Columbia – (Newsfile Corp. – November 25, 2021) – Aquarius AI Inc. (CSE: AQUA) (“AQUA” or the “Company”), is pleased to announce the purchase of 100 Bitmain S19 Pro 100 TH / s mining rigs (“Rigs”) and has further entered into a non-binding letter of intent with Compass Mining Inc (“Compass”) for the provision and hosting of an additional 1,000 Rigs.

Owen Sagness, COO at AQUA, said, “Compass’s commitment to this partnership will bring the best hosting capacity, management and ASIC provisioning services to support and enable AQUA to scale mining forward. as quickly and efficiently as possible ”. He added, “As part of the initial purchase agreement, AQUA purchased $ 1,000,000 of next-generation Bitcoin ASIC miners for hosting with Compass. Over the next few months, Compass Mining will provide and host a continuous stream of ASIC miners for AQUA in diverse locations. . “

The company purchased the initial batch of 100 rigs for US $ 970,030, which it paid in cash. The first 100 platforms are expected to ship in February 2022 and are expected to be up and running and generating Bitcoin in the first quarter of 2022, at an expected overall rate of 10 PH / s.

The additional 1,000 platforms are expected to be delivered and operational during the second quarter of 2022. When fully operational, the platforms are expected to generate a total of 100 PH / S. When combined, the company anticipates an overall hash rate of 110 PH / s and uses just under 3.5 MW of mostly carbon neutral power.

The Company intends to finance the purchase of the 1,000 platforms through debt financing and has entered into a non-binding term sheet (“term sheet”) defining the potential terms of an agreement. (the “Loan”) with Invictus Enterprises Inc (“Invictus”), a Canadian-based investment management company. As per the condition sheet, AQUA can borrow up to $ 10,000,000 from Invictus for the purchase of additional platforms along with associated hosting and power costs, with an expected repayment term of 24 months. at an interest rate of 8% per annum with initial payments deferred until mining rigs are online and hash. The loan is subject to additional due diligence to be performed by Invictus and other conditions until closing. Invictus recently became a 10% shareholder in AQUA in its previously announced private placement on November 9, 2021.

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Owen Sagness, COO at AQUA also said: “We wanted to get the AQUA hash as soon as possible and we quickly secured 100 machines for commissioning in Q1 2022 despite the well documented compression of the power available in North America. North. He added: “Beyond that, we believe that 1,000 machines funded through our debt partner is a perfect solution to minimize shareholder dilution while stating that AQUA is serious about the rapid scale-up of mining operations. Looking ahead, we are now in discussions to secure our pipeline infrastructure, we need to ensure that we can continue our growth plans through 2022 and beyond . “

Contact: Owen Sagness Director of Operations [email protected] (604) 265-7511 https://aquariusai.ca/

The CSE has not reviewed and accepts no responsibility for the adequacy or accuracy of this release.

CAUTION REGARDING FORWARD-LOOKING STATEMENTS

Certain information contained in this press release constitutes forward-looking statements under applicable securities laws. All statements contained in this press release that are not statements of historical fact can be considered as forward-looking statements. Forward-looking statements are often identified by words such as “may”, “should”, “anticipate”, “expect”, “potential”, “believe”, “intend” or the negative of these terms. and similar expressions. Forward-looking statements contained in this press release may include, but are not limited to, statements regarding internal expectations; rate at which the Company may be able to produce Bitcoin when acquiring the platforms; the date on which the platforms will become active and generate Bitcoin, if applicable; the Company’s intention and ability to scale AQUA’s Bitcoin mining operations; the rate at which the Company can scale its Bitcoin mining operations; Compass Mining’s ability to provide and host a continuous stream of ASIC miners for AQUA; and the proposed terms of the loan under the terms sheet. Forward-looking statements necessarily involve known and unknown risks, including, without limitation, risks associated with general economic conditions; adverse industry events; marketing costs; loss of markets; future legislative and regulatory developments involving; the inability to access sufficient capital from internal and external sources, and / or the inability to access sufficient capital on favorable terms; the bitcoin industry in general, income tax and regulatory matters; the ability of Aqua and Compass to execute their respective business strategies; competetion; currency and interest rate fluctuations and other risks.

Readers are cautioned that the foregoing list is not exhaustive and that they should carefully consider the various risks and uncertainties identified in the documents filed by the Company on SEDAR. Readers are further cautioned not to place undue reliance on forward-looking statements, as there can be no assurance that the plans, intentions or expectations upon which they are based will be achieved. This information, although considered reasonable by management at the time of its preparation, may prove to be incorrect and actual results may differ materially from those anticipated.

The forward-looking statements included in this press release are made as of the date of this press release and the Company does not undertake to publicly update these forward-looking statements to reflect new information, subsequent events or otherwise, unless applicable securities do not require it. laws. The forward-looking statements contained in this press release are expressly qualified by this cautionary statement.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/105085

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