SATO Technologies Corp. signs a loan agreement with Sygnum Bank AG for an amount of CHF 3,000,000 (equivalent to CA$4,000,000) for the financing of Bitcoin mining equipment
Toronto, Ontario–(Newsfile Corp. – July 15, 2022) – SATO Technologies Corp. (TSXV: SATO) (OTCQB: CCPUF) (the “Company” or “SATO”, formerly known as Canada Computational Unlimited Corp.) is pleased to announce the execution of a loan agreement through its wholly-owned subsidiary, Canada Computational Unlimited Inc. (“CCU”), with Sygnum Bank AG (“Sygnum”) which will enable the Company to finance an initial purchase of up to up to CHF 3,000,000 (l equivalent of $4,000,000 CAD) of minors or the equivalent.
Highlights of the agreement
Acquisition of mining equipment already on site;
interest rate of 8% per annum;
Reimbursable over 3 years;
The HODL vision has been maintained without any sales of mined BTC since the start of 2022.
Sygnum has made a non-binding indication to the Company that, depending on market conditions, it is willing to discuss additional equipment financing in tranches which could in aggregate reach CHF 20,000,000 (equivalent to CA$26,700,000) primarily over time.
Romain Nouzareth, CEO and President of SATO, commented, “There is never a better time to grow than in a bear market. With Sygnum Bank as our lending provider and new mining rigs coming to Center One, we are now producing Bitcoin at a higher speed. This deal brings us closer to full capacity for self-mining at a very competitive interest rate in the mining finance world.”
Sygnum’s head of credit and loans, Francisco Arruda, commented, “We are delighted that SATO Technologies Corp. be the first beneficiary of our new green crypto finance solution, which aims to support green mining and accelerate the industry’s transition to a carbon-neutral economy. We are happy to support SATO Technologies Corp. their comprehensive innovation process to create value and improvement by providing sustainable and responsible mining.”
On behalf of the Board of Directors,
CEO and President of SATO
SATO operates a state-of-the-art, carbon-neutral bitcoin mining center with a contract for 20 MW of stable, environmentally friendly power. The company’s high-density computing centers are designed for high-quality cryptocurrency mining, AI data processing and fintech infrastructure.
Founded in Block 494673 in 2017, SATO is led by Canadian technology entrepreneurs, finance, electrical and ventilation experts, networking specialists and industrialists. Since its inception, the company has pursued a vision of environmental stewardship throughout the mining process. The oversupply of renewable energy in the province of Quebec has made this venture feasible and provides an excellent base for growth.
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Caution Regarding Forward-Looking Information
This press release contains certain forward-looking statements, including statements relating to the future performance of the Company, and other statements that are not historical facts. Where possible, words such as “may”, “will”, “should”, “could”, “expect”, “plan”, “intend”, “anticipate”, ” believes”, “estimates”, “predicts” or “potential” or the negative form or other variations of these words, or similar words or expressions, have been used to identify these forward-looking statements. These statements reflect management’s current beliefs and are based on information currently available to management as of the date hereof.
Forward-looking statements involve significant risks, uncertainties and assumptions. Many factors could cause actual results, performance or achievements to differ materially from the results discussed or implied by the forward-looking statements. These factors should be carefully considered and readers should not place undue reliance on forward-looking statements. Although the forward-looking statements contained in this press release are based on what management believes to be reasonable assumptions, the Company cannot assure readers that actual results will be consistent with these forward-looking statements. These forward-looking statements are made as of the date of this press release, and the Company undertakes no obligation to update or revise them to reflect new events or circumstances, except as required by law.
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