Cryptocurrency Stock News: SATO Technologies Corp. (TSXV: SATO) Signs a Loan Agreement with Sygnum Bank AG for CHF3,000,000 (CAD$4,000,000 Equivalent) for Financing Bitcoin Mining Equipment
Toronto, Ontario - July 15, 2022 (Newsfile Corp.) (Investorideas.com Newswire) SATO Technologies Corp. (TSXV: SATO) (OTCQB: CCPUF) (the "Company", or "SATO", formerly known as Canada Computational Unlimited Corp.) is pleased to announce the signing of a loan agreement through its wholly-owned subsidiary, Canada Computational Unlimited Inc. ("CCU"), with Sygnum Bank AG ("Sygnum'') which will allow the Company to finance an initial purchase of up to CHF3,000,000 (CAD$4,000,000 equivalent) worth of miners or equivalent.
Key Highlights of the agreement
- Acquisition of mining equipment already on site;
- Increase of self-mining;
- 8% interest rate per annum;
- Repayable over 3 year term;
- HODL vision has been maintained without any sale of the BTC mined since the beginning 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 that could in the aggregate reach CHF20,000,000 (CAD$26,700,000 equivalent) in principal over time.
Romain Nouzareth, CEO and Chairman 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 for Center One, we are now producing Bitcoin at a higher speed. This agreement brings us closer to full capacity for self-mining at a highly competitive interest rate in the Mining Financing world."
Sygnum's Head of Credit & Lending, Francisco Arruda, commented, "We are pleased that SATO Technologies Corp. is the first recipient of our new green crypto financing solution, which aims to support green-mining and accelerates the industry's transition towards a carbon-neutral economy. We are happy to support SATO Technologies Corp. in their comprehensive innovation process to create value and improvement through providing sustainable and responsible mining."
On behalf of the board,
SATO CEO and Chairman
SATO operates a state-of-the-art, carbon-neutral bitcoin mining center with a contract of 20 MW of stable, eco-friendly energy. The company's high-density calculation centers are built for high-grade cryptocurrency mining, AI data processing, and fintech infrastructure.
Founded at block 494673 in 2017, SATO is led by technology entrepreneurs, finance, electricity and ventilation experts, network specialists, and Canadian industrialists. Since its inception, the company has pursued a vision of environmental stewardship throughout the mining process. The excess supply of renewable energy in the province of Québec has made this endeavor feasible and a great base for growth.
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Cautionary Statement Regarding Forward-Looking Information
This news release contains certain forward-looking statements, including statements relating to the future performance of the Company, and other statements that are not historical facts. Wherever possible, words such as "may", "will", "should", "could", "expect", "plan", "intend", "anticipate", "believe", "estimate", "predict" or "potential" or the negative or other variations of these words, or similar words or phrases, 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 at the date hereof.
Forward-looking statements involve significant risk, uncertainties and assumptions. Many factors could cause actual results, performance or achievements to differ materially from the results discussed or implied in the forward-looking statements. These factors should be considered carefully and readers should not place undue reliance on the forward-looking statements. Although the forward-looking statements contained in this press release are based upon 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 assumes no obligation to update or revise them to reflect new events or circumstances, except as required by law.
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