Cryptocurrency Stock News: Investview ($INVU) Completes $1.3 Million Securities Transaction and Extends Bitcoin Mining Growth Plan with Strategic Fintech Partner
Eatontown, NJ - November 18, 2020 (Investorideas.com Newswire) Investview, Inc. (OTCQB: INVU) a diversified financial technology and global distributor organization that operates through its subsidiaries to provide financial education tools, content, research and management of digital asset technology that mines cryptocurrencies, with a focus on Bitcoin mining and the generation of digital assets, has completed its third closing under the Securities Purchase Agreement entered into on April 27th, 2020 , as amended, with the sale of a convertible secured promissory note in the amount of $1.3 million in a private placement. The terms of the transaction are itemized in the 8K filed November 9th, 2020.
As a key term of the agreement, INVU will use the proceeds to continue its operational expansion of its Bitcoin mining operations with the purchase of additional next generation cryptocurrency miners, scheduled for delivery and deployment in early December 2020. With this purchase, the Company expects to increase its total hashrate capacity to near 500 PH/s (peta hash) per second in operational hashrate by optimizing 24 megawatts of energy with approximately 10,000 miners operating by year-end 2020. This implementation represents a 25% increase to the Company's operational deployed hashrate by the end of December 2020. The Company anticipates a 100% increase in operational hashrate by the end of 2021.
"Investview previously set a goal to become one of the largest Bitcoin miners in North America. This expansion of next generation mining equipment represents a significant step in achieving that goal. Subsequent planned transactions, combined with streamlined IT operations and management, will position the Company to achieve its goal of exceeding 1 EH/s (exa hash) of total hashrate by mid-2021. When fully deployed through the end of 2022, Investview expects its total hash rate capacity to exceed approximately 1.25 EH/s (1,250 PH/s) by optimizing approximately 60 megawatts (MW) of energy," said Rob Walther, the new EVP of Crypto Operations for Investview.
The purchase is structured over a series of closing dates of which the first, second and third closings have been completed releasing $3.3 Million in funds. The fourth and fifth closings, subject to certain conditions, will take place on or before May 31st, 2021 and August 31st, 2021, respectively, with the purchase of an additional $5.7 Million and $2 Million in convertible promissory notes. INVU intends to use $5.7 Million in proceeds to continue its operational expansion of its Bitcoin mining operations with the purchase of additional next generation cryptocurrency miners, scheduled for delivery and deployment early in the Company's 1st fiscal quarter. The remaining $2 Million will be used to complete its planned Securities Purchase Agreement in affiliate LevelX Holdings Group LLC, for the development and operation of a U.S. and non-U.S. brokerage and financial services firm intended to deliver professional trading services catering primarily to a diverse base of self-directed (DIY) and active online brokerage investors, professional fund managers, buy-side professionals, and registered investment advisors. Investview expects to enter into its planned transaction before the end of 2020 and is scheduled for completion in the second fiscal quarter of 2021, subject to certain conditions.
"Investview subsidiaries educate and deliver financial technology services that result in active trading by individuals and institutions alike. Currently Investview does not benefit from this trading activity. By establishing an online broker dealer affiliate, Investview will be able to capture trading revenue we could not capture before which we believe will significantly impact our bottom line," added Joseph Cammarata, Investview CEO.
The securities sold in the private placement have not been registered under the Securities Act of 1933, as amended, or state securities laws as of the time of issuance and may not be offered or sold in the United States absent registration with the Securities and Exchange Commission or an applicable exemption from such registration requirements.
Further details regarding this private placement, including further description of the terms of the Convertible Secured Promissory Note, can be found in Investview’s ("INVU") Form 8-K filed with the Securities and Exchange Commission.
About Investview, Inc.
Investview, Inc. is a diversified financial technology and global distributor organization that operates through its subsidiaries to provide financial education tools, content, research and management of digital asset technology that mines cryptocurrencies, with a focus on Bitcoin mining and the generation of digital assets. For more information on Investview and its family of wholly-owned subsidiaries, please visit: www.investview.com
All statements in this release that are not based on historical fact are "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Forward-looking statements, which are based on certain assumptions and describe our future plans, strategies and expectations, can generally be identified by the use of forward-looking terms such as "believe," "expect," "may," "should," "could," "seek," "intend," "plan," "goal," "estimate," "anticipate" or other comparable terms. These forward-looking statements are based on Investview’s current beliefs and assumptions and information currently available to Investview and involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the company to be materially different from any future results, performance or achievements expressed or implied by these forward-looking statements. More information on potential factors that could affect Investview’s financial results is included from time to time in Investview’s public reports filed with the U.S. Securities and Exchange Commission (the "SEC"), including the Company’s Annual Report on Form 10-K, Quarterly Reports on Form 10-Q, and Current Reports on Form 8-K. . The forward-looking statements made in this release speak only as of the date of this release, and Investview, Inc. ("INVU") assumes no obligation to update any such forward-looking statements to reflect actual results or changes in expectations, except as otherwise required by law.
Contact: Mario Romano
Phone Number: 732.889.4308
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