TAAL Distributed Information Technologies Inc., a vertically integrated blockchain infrastructure and service provider for enterprise, today announces that it has signed a definitive share purchase agreement to acquire 100% of the shares of Chief Fuels Inc. from its shareholders (“Vendors”). With this acquisition, TAAL adds significant Canadian clean energy resources to power up to 2 Eh/s of blockchain computers in New Brunswick, Canada.
- 50-MW energy will power up to 2 Eh/s of mining capacity
- New Brunswick based facility will become TAAL’s cornerstone Bitcoin mining asset
- New Brunswick Power Corporation (“NB Power”) supplies energy that is over 80% non-emitting, over 40% from renewables
This acquisition enables us to build long-term assets on our balance sheet and complements our blockchain transaction processing strategy, which prepares for blockchain transaction fees to eclipse block reward subsidy in the long term, said Stefan Matthews, Executive Chairman and CEO of TAAL.
Upon completion of this acquisition, TAAL will be the owner of a 60,000 sq/ft facility in Grand Falls, New Brunswick, and will partner with NB Power to build out 50 megawatts of power to supply a dedicated Bitcoin mining and transaction processing operation.
The total purchase price of 3,437,500 TAAL shares is to be issued to the Vendors pursuant to the achievement of certain milestones over time. The Vendors have agreed that the shares will also be subject to lockups. First shares will not be free to trade until January 2023.
We welcome our new partners and shareholders as we embark on the next leg of growth for TAAL. We also thank all our new neighbors and stakeholders in New Brunswick, as we look to make a positive impact in our new community. Added Chris Naprawa, President of TAAL.
TAAL’s Board of Directors has approved the acquisition, as has the board of directors and the shareholders of Chief Fuels. Final closing remains subject to customary closing conditions, including receipt of regulatory approvals. The acquisition is expected to close on or about January 1, 2022.
Thank you to TAAL for these very important investments that will not only provide quality employment but will also help to strengthen our economy. – Hon. Chuck Chaisson, MLA (Member of the Legislative Assembly).
ABOUT TAAL DISTRIBUTED INFORMATION TECHNOLOGIES INC.
TAAL Distributed Information Technologies Inc. delivers value-added blockchain services, providing professional-grade, highly scalable blockchain infrastructure and transactional platforms to support businesses building solutions and applications on the BSV platform, and developing, operating, and managing distributed computing systems for enterprise users. BitcoinSV Blockchain is the world’s largest public blockchain by all major utility metrics, data storage, daily transaction volume, scaling ability, and average block size.