MX Gold $MXL to Acquire Cryptocurrency Firm

MX Gold Corp(TSX.V:MXL) (FSE:0DV) (OTCQX:MXLGF)

MX Gold Corp. is pleased to announce that the Company has entered into a letter of intent to acquire all of the shares of Symple Internet Financial Ltd., an arm’s length private British Columbia cryptocurrency/blockchain mining company based in Manitoba. The proposed acquisition is the Company’s first foray outside the mineral exploration space and is intended to be a pilot project to determine whether further investment in the growing cryptocurrency industry is warranted. The Company has had preliminary discussions about the proposed transaction with the TSX Venture Exchange and anticipates that it will proceed as a Reviewable Transaction but not a Change of Business in accordance with Exchange policies.

Pursuant to the terms of the Agreement, the Company has agreed to pay $150,000 and issue 4.5 million shares to the shareholder of Symple in consideration for all of the shares thereof.  The closing of the transaction is subject to customary conditions precedent, including approval by the Exchange and the entry into a consulting agreement with the principal shareholder and executive of Symple for a minimum term of 12 months for compensation of $8,000 per month.  The Agreement contemplates that a definitive agreement will be entered into on or before November 1, 2017 and closing will occur on or before December 1, 2017.

Symple operates a cryptocurrency/blockchain mining operation in a 5,000 sq. ft. leased facility in Manitoba with the possibility to expand in the future under current leases. Symple has been successfully operating in the cryptocurrency  business for approximately 1 year.

“The blockchain space is growing and has the power to change the way finances are conducted globally.  We are excited to have the opportunity to work with Albert Buu, the founder of Symple, who has a vast knowledge in the blockchain space and his educational background in computer engineering.”

Dan Omeniuk, CEO of MX Gold Corp.