TAAL announces debt financing
TORONTO, December 6, 2021 / CNW / – TAAL Distributed Information Technologies Inc. (CSE: TAAL) (FWB: 9SQ1) (OTC: TAALF) (âTAALâ or the âCompanyâ), a vertically integrated blockchain infrastructure and services provider for companies, is pleased to announce that it has entered into a term loan agreement (the âLoanâ) with a private lender (the âLenderâ) providing for debt financing in the aggregate principal amount of 10,000,000 USD.
The Lender immediately made available all of the financing under the Loan in an amount equal to 10,000,000 USD. The borrowings under the Loan are guaranteed by a general guarantee contract covering all the assets of the Company. Security will be classified pari passu with any future debt of the Company, other lenders, up to a maximum 100,000,000 USD. The loan matures on December 31, 2024 and bears interest of 8% per annum, payable quarterly at the end of March, June, September and December of each year. The Loan may be prepaid at any time by the Company, together with any unpaid interest, after December 2, 2022.
TAAL plans to use a portion of the loan to finance the construction of a world-class industrial-scale Bitcoin mining operation in the 60,000 square foot facility that it has committed to acquire in New Brunswick, Canada. More information can be found in the company presentation on TAAL.com [URL https://www.taal.com/investors/].
About TAAL Distributed Information Technologies Inc.
TAAL Distributed Information Technologies Inc. provides value-added blockchain services, providing professional grade, highly scalable blockchain infrastructure and transactional platforms to help businesses build solutions and applications on the BSV platform, and to develop, operate and manage distributed computing systems for corporate users. BitcoinSV Blockchain is the world’s largest public blockchain by all major utility metrics, data storage, daily transaction volume, capacity to scale, and average block size.
Visit TAAL online at www.taal.com
The CSE, nor its regulatory services provider, accepts no responsibility for the adequacy or accuracy of this release.
CAUTION REGARDING FORWARD-LOOKING INFORMATION
Certain statements included in this press release constitute “forward-looking information” within the meaning of applicable Canadian securities laws. The words âwillâ, âplansâ, âexpectsâ and similar expressions are intended to identify forward-looking information, although not all forward-looking information contains these identifying words. The specific forward-looking information contained in this press release includes, without limitation, statements regarding: the number of machines that will be deployed, the dates of such deployment and the number of BSV blocks that will be earned through operations of TAAL in the future. These statements are based on factors and assumptions relating to historical trends, current conditions and expected future developments. Because forward-looking information relates to future events and conditions, by its very nature it requires the making of assumptions and involves inherent risks and uncertainties. TAAL cautions that although assumptions are considered reasonable in the circumstances, these risks and uncertainties give rise to the possibility that actual results will differ materially from expectations. Significant risk factors include delays in construction, delivery of equipment, planned operation, future network conditions and other risks set out in TAAL’s annual information form for the year ended. December 31, 2020 dated April 30, 2021 under the title Risk factors and elsewhere in TAAL’s continuous disclosure documents available on SEDAR at www.sedar.com. In view of these risks, one should not place undue reliance on the forward-looking information contained in this document. Unless required by law, TAAL assumes no obligation to update forward-looking information to reflect new information, subsequent or otherwise.
SOURCE Distributed Information Technologies Taal inc.
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