Baltic I Acquisition Corp. Enters right into a Letter of Intent for Qualifying Transaction with Enigma Holding AG


/NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES./

VANCOUVER, BC, Feb. 22, 2021 /CNW/ – Baltic I Acquisition Corp. (“Baltic”) (TSX-V: BLTC) and Enigma Holding AG (“Enigma”) are happy to announce that they’ve entered right into a letter of intent dated February 11, 2021 (the “LOI”), pursuant to which the events have agreed to finish a enterprise mixture (the “Transaction”).

Enigma is a privately held firm within the enterprise of cryptocurrency mining, primarily Bitcoin mining operations, with a deal with vertically built-in operations – optimizing the method from design and manufacturing of chips, miners, and mining operations, to produce chain logistics, knowledge centre construct outs, ongoing mining and knowledge centre operations.  Enigma presently has the rights to 25MW {of electrical} capability with entry to an extra 125 MW together with {an electrical} substation, with 11 MW of excessive margin money flowing operations on or earlier than shut of the Transaction.  Enigma is included below the legal guidelines of Switzerland and owns, instantly or by wholly owned subsidiaries, Bitcoin mining operations, varied mental property and patent rights relating to varied cryptocurrency mining applied sciences. 

Enigma’s entry to ‘able to go’ operations and near-term progress to 150 MW, mixed with their deep manufacturing relationships and cutting-edge mental property has them positioned to be among the best new entrants to the cryptocurrency markets.

Transaction Highlights:

  • Confirmed Management & Trade Thought Leaders: Enigma is led by Jakov Dolic (a former founder and CEO of Genesis Mining), in addition to Ivan Kirillov (Enigma Co-Founder and CTO), who convey an unmatched portfolio of IP developed over years.
  • Proprietary Liquid Cooling Expertise: Permits larger hash-rate per miner as a result of best-in-class cooling system & hashrate density. Considerably longer {hardware} life; tremendously growing operational profitability and lowering capex cycles.
  • Proprietary Overclocking Expertise: Permits larger hash-rate per miner, reduces complete CAPEX to file low ranges and permits Enigma to elongate the lifetime of mining {hardware} considerably.
  • Energy Hedging: With entry to a substation, Enigma will considerably lower its working prices by leveraging extra electrical capability, with entry to real-time market analytics for power and ancillary providers.
  • Speedy Deployment: Modular, local weather resilient, and plug-and-play structure designed for operational scaling.
  • Renewable Vitality Focus: Operations in Texas, the biggest wind energy generator in the USA and 5th largest world producer of renewable power.

“I’ve been deeply concerned within the crypto mining area for years now and am actually excited to be working alongside Enigma’s Founder & CEO, Jakov Dolic, whom I’ve recognized effectively for years,” commented Harry Pokrandt, Baltic’s CEO.  “I imagine Enigma represents essentially the most clear, progressive and essential cryptocurrency mining firm as we speak, and the usual for crypto mining sooner or later. Enigma is poised for great progress, which will likely be accelerated by a go-public transaction. Jakov and Ivan are skilled operators with a formidable progress technique and are a few years forward of the competitors on mining R&D, which mixed with an skilled management group will have the ability to quickly deploy Enigma’s know-how. I’m thrilled to be becoming a member of forces with the Enigma group and stay up for the completion of this transaction.” 

Jakov Dolic added that “In 2017, I left Genesis Mining, partnered with Ivan and targeted on R&D to develop applied sciences that may take crypto mining profitability into unchartered territory.  I made a excessive conviction guess on industrial grade, modular options and high-density mining. Incremental enhancements in chip design have slowed down, making the infrastructure across the chip the brand new battlefield of miners. Ivan and I acknowledged that in 2016 and have since targeted absolutely on this “new battlefield”.  Our predictions have been borne out within the present product cycle and the know-how we developed now offers Enigma a aggressive edge like no different miner.”

At the moment Baltic is a “Capital Pool Firm” as outlined by TSX Enterprise Alternate Coverage 2.4 – Capital Pool Corporations (“Coverage 2.4”), and the Transaction is meant to represent Baltic’s “Qualifying Transaction” in accordance with Coverage 2.4.  In accordance with TSXV coverage, the Baltic Shares have been halted from buying and selling and are anticipated to stay halted till closing of the Transaction.

Abstract of the Transaction

Pursuant to the LOI, shareholders of Enigma will obtain Baltic shares in trade for his or her shares in Enigma at a ratio (the “Alternate Ratio”) to be decided together with the Enigma Financing. Previous to the closing of the Transaction, Enigma intends to conduct a personal placement of as much as CAD$20,000,000 (the “Enigma Financing”), pursuant to which Enigma will challenge both shares in Enigma or subscription receipts which can convert routinely into shares of Baltic on the Alternate Ratio upon satisfaction of specified launch situations and shutting of the Transaction.

Completion of the Transaction is topic to plenty of situations precedent, together with however not restricted to, due diligence, the negotiation and execution of definitive documentation, and the approval of the TSX Enterprise Alternate. Accordingly, there could be no assurance that the Transaction will likely be accomplished on the phrases proposed above or in any respect.

Extra details about the Transaction will likely be included in a future information launch, together with particulars of the Enigma Financing and the Alternate Ratio.

Topic to satisfaction or waiver of the situations precedent referred to herein, Baltic and Enigma anticipate that the Transaction will likely be accomplished on or earlier than Might 31, 2021.

Details about Enigma and mental property

Bios

Jakov Dolic – President, Chief Govt Officer and Director

Mr. Dolic is the CEO of Enigma Holding AG in Switzerland. Beforehand he was CEO & Co-Founding father of Genesis Mining Ltd. Constructed & operated over 350MW of cryptocurrency mining farms worldwide.  Jakov has been within the cryptocurrency mining business since 2013 and has been the chief architect of Genesis Mining scaling initiatives and knowledge heart deployments globally, together with Sweden, Iceland, Kazakhstan.

Ivan Kirillov – Technical Director and Director

Mr. Kirillov is present CTO of Enigma Holding AG. He has 25 years of R&D expertise in mechanical and electrical engineering. Mr. Kirillov holds a Grasp of Science diploma and studied in Nationwide Analysis Nuclear College MEPhl and Worldwide Academy of Sciences and Arts.

Harry Pokrandt – Director

Mr. Pokrandt is the present Chairman of Mayfair Gold. Beforehand he was Managing Director of Macquarie Capital Markets Canada Ltd. (previously, Orion Securities Inc.) from 1985 to 2015 and the founding CEO of Hive Blockchain Applied sciences Ltd. 

The knowledge regarding Enigma and its belongings on this information launch has been supplied by Enigma. Though Baltic has no information that may point out that any of such data is unfaithful or incomplete, Baltic assumes no duty for the accuracy or completeness of such data or the failure by Enigma to reveal occasions that will have occurred or might have an effect on the completeness or accuracy of such data.

Buyers are cautioned that, besides as disclosed within the submitting assertion to be ready in reference to this Transaction, any data launched or obtained with respect to the transaction is probably not correct or full and shouldn’t be relied upon.  Buying and selling within the securities of a capital pool firm must be thought-about extremely speculative.

Sponsorship

Sponsorship of a Qualifying Transaction of a capital pool firm is required by the TSXV except exempt therefrom in accordance with the TSXV’s insurance policies or a waiver is obtained. Within the absence of an obtainable exemption from the sponsorship necessities, Baltic and Enigma intend to make an software to the TSXV for a waiver from sponsorship necessities. There isn’t a assurance that if utilized for, a waiver will likely be granted.

On behalf of Baltic I Acquisition Corp:

“Harry Pokrandt”
Chief Govt Officer
1-833-313-1121

Cautionary Be aware

Neither the TSXV nor its Regulation Providers Supplier (as that time period is outlined in insurance policies of the TSXV) accepts duty for the adequacy or accuracy of this launch.

The TSXV has by no means handed upon the deserves of the Transaction and has neither authorised nor disapproved the contents of this press launch. 

Ahead Wanting Info

Sure statements and data herein, together with all statements that aren’t historic details, comprise forward-looking statements and forward-looking data inside the which means of relevant securities legal guidelines. Such forward-looking statements or data embody however are usually not restricted to statements or data with respect to: the proposed Transaction and Enigma Financing, the enterprise plans of Baltic, Enigma and the Ensuing Issuer; the timing of the Transaction, the board of administrators and administration of the Ensuing Issuer, and the closing of the Transaction..

With respect to forward-looking statements and data contained herein, Baltic and Enigma have made quite a few assumptions together with amongst different issues, assumptions concerning the capability to shut the Transaction and Enigma Financing, basic enterprise and financial situations, the costs of crypto currencies and anticipated prices and expenditures of the Transaction. The foregoing record of assumptions shouldn’t be exhaustive.

Though administration of Baltic and Enigma imagine that the assumptions made and the expectations represented by such statements or data are cheap, there could be no assurance that forward-looking statements or data herein will show to be correct. Ahead-looking statements and data by their nature are primarily based on assumptions and contain recognized and unknown dangers, uncertainties and different elements which can trigger precise outcomes, efficiency or achievements, or business outcomes, to be materially completely different from any future outcomes, efficiency or achievements expressed or implied by such forward-looking statements or data. These elements embody, however are usually not restricted to:  the Transaction and Enigma Financing might not shut on the phrases set forth herein, or in any respect; dangers regarding the supply of financing for the Ensuing Issuer; dangers regarding the receipt of all requisite approvals for the Transaction, together with the approval of the TSXV; dangers related to the enterprise of Enigma given its restricted working historical past; enterprise and financial situations within the crypto forex mining business usually; the availability and demand for labour and different mission inputs; modifications in electrical energy costs; modifications in curiosity and forex trade charges; dangers regarding inaccurate engineering assumptions dangers regarding unanticipated operational difficulties (together with failure of apparatus or processes to function in accordance with specs or expectations, value escalation, unavailability of supplies and gear, authorities motion or delays within the receipt of presidency approvals, industrial disturbances or different job motion, and unanticipated occasions associated to well being, security and environmental issues); dangers regarding adversarial climate situations; political threat and social unrest; modifications normally financial situations or situations within the monetary markets; modifications in legal guidelines (together with rules respecting mining concessions); dangers associated to the direct and oblique impression of COVID-19 together with, however not restricted to, its impression on basic financial situations, the flexibility to acquire financing as required, and inflicting potential delays within the provide of apparatus to cryptominers; and different threat elements as detailed infrequently. Baltic and Enigma don’t undertake to replace any forward-looking data, besides in accordance with relevant securities legal guidelines.

SOURCE Baltic I Acquisition Corp.

For additional data: Harry Pokrandt, Chief Govt Officer, 1-833-313-1121



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