HONG KONG, July 8, 2019 /CNW/ - Genesis Mining Ltd. ("Genesis") announced that it disposed of beneficial ownership of and control or direction over, 24,000,000 common shares ("Common Shares") of HIVE Blockchain Technologies Ltd. (the "Company") in a private transaction with a former director and officer of Genesis in partial payment for the severance amount owing to the former director and officer at a value of CAD$0.35 per Common Share, for total consideration of CAD$8,400,000 (the "Disposition").
Immediately prior to the Disposition, Genesis had beneficial ownership of and exercised control or direction over 85,730,145 Common Shares and warrants ("Warrants") to acquire 2,770,560 Common Shares, representing approximately 26.9% of the issued and outstanding Common Shares on a partially diluted basis (on the basis of 325,675,626 Common Shares issued and outstanding as of the date hereof and assuming the exercise of all of the Warrants held by Genesis). Immediately following the Disposition, Genesis has beneficial ownership of and exercises control or direction over 61,730,145 Common Shares and 2,770,560 Warrants, representing approximately 19.64% of the issued and outstanding Common Shares on a partially diluted basis (on the basis of 325,675,626 Common Shares issued and outstanding as of the date hereof and assuming the exercise of all of the Warrants held by Genesis).
Genesis holds the Common Shares and Warrants for investment purposes. Genesis may acquire or dispose of additional securities of the Company in the future through the market, privately, or otherwise, as circumstances or market conditions warrant. Any transaction that Genesis may pursue may be made at any time and from time to time without prior notice and will depend on a variety of factors, including, without limitation, the price and availability of the Company's securities, subsequent developments affecting the Company, its business and prospects, other investment and business opportunities available to Genesis, general industry and economic conditions, the securities markets in general, tax considerations and other factors deemed relevant by Genesis.
Genesis will file an early warning report under the SEDAR profile of the Company at www.sedar.com. A copy may also be obtained by contacting Shah Hafizi at 650-308-9102. The head office of the Company is located at Suite 3123 - 595 Burrard Street, Vancouver, British Columbia V7X 1J1.
SOURCE Genesis Mining Ltd.
For further information: Genesis Mining Ltd., Chinachem Century Tower, 31/F 178 Gloucester Road, Wanchai, Hong Kong