![](http://investorshub.advfn.com/images/default_ih_profile2_4848.jpg?cb=0)
Thursday, August 10, 2017 11:48:48 AM
PR Newswire
DURHAM, N.C., May 22, 2017
DURHAM, N.C., May 22, 2017 /PRNewswire/ -- MGT Capital Investments, Inc. (OTC: MGTI) announced today that it has closed on financing to allow the Company to materially ramp up its Bitcoin mining operations. The financing consists of a $1.35 million 10% convertible note (convertible at $1.05 per MGTI share) issued to a single institutional investor. The note is self-amortizing with a maximum repayment of $90,000 per month. In conjunction with the note, the Company also issued the investor 1.2 million warrants with an exercise price of $1.05 per MGTI share.
The proceeds of the financing, along with Company cash reserves will allow MGT to purchase 1,000 Bitmain Antminer S9 computers and associated power supplies. Following shipment and setup (expected by early July 2017), MGT will be operating a total of 1,400 S9's with total computing power of over 18 PH/s, generating an estimated 225 Bitcoins per month with a value currently of over $450,000. Factoring in electricity, hosting and other direct operating costs, EBITDA from the Company's Bitcoin mining operations is projected at $300,000 per month, prior to note amortization.
John McAfee stated, "Today's announcement is transformational for MGT. Not only does it vastly improve our financial profile, but it positions us as the only public company in the space at a time when Bitcoin has enormous momentum."
Recent MGTI News
- Form SC 13D - General statement of acquisition of beneficial ownership • Edgar (US Regulatory) • 05/30/2024 10:00:26 AM
- Form NT 10-Q - Notification of inability to timely file Form 10-Q or 10-QSB • Edgar (US Regulatory) • 05/15/2024 09:19:56 PM
- Form 8-K - Current report • Edgar (US Regulatory) • 05/06/2024 06:17:49 PM
- Form 8-K - Current report • Edgar (US Regulatory) • 02/29/2024 09:30:36 PM
- Form 8-K - Current report • Edgar (US Regulatory) • 02/01/2024 06:21:10 PM
- Form EFFECT - Notice of Effectiveness • Edgar (US Regulatory) • 12/29/2023 05:15:26 AM
- Form S-8 POS - Securities to be offered to employees in employee benefit plans, post-effective amendments • Edgar (US Regulatory) • 12/22/2023 09:30:32 PM
- Form POS AM - Post-Effective amendments for registration statement • Edgar (US Regulatory) • 12/22/2023 09:30:32 PM
- Form POS AM - Post-Effective amendments for registration statement • Edgar (US Regulatory) • 12/22/2023 09:30:28 PM
- Form 8-K - Current report • Edgar (US Regulatory) • 12/20/2023 01:30:39 PM
- Form 10-Q - Quarterly report [Sections 13 or 15(d)] • Edgar (US Regulatory) • 12/13/2023 04:29:30 PM
- Form 10-Q - Quarterly report [Sections 13 or 15(d)] • Edgar (US Regulatory) • 11/13/2023 05:27:02 PM
Glidelogic Corp. Becomes TikTok Shop Partner, Opening a New Chapter in E-commerce Services • GDLG • Jul 5, 2024 7:09 AM
Freedom Holdings Corporate Update; Announces Management Has Signed Letter of Intent • FHLD • Jul 3, 2024 9:00 AM
EWRC's 21 Moves Gaming Studios Moves to SONY Pictures Studios and Green Lights Development of a Third Upcoming Game • EWRC • Jul 2, 2024 8:00 AM
BNCM and DELEX Healthcare Group Announce Strategic Merger to Drive Expansion and Growth • BNCM • Jul 2, 2024 7:19 AM
NUBURU Announces Upcoming TV Interview Featuring CEO Brian Knaley on Fox Business, Bloomberg TV, and Newsmax TV as Sponsored Programming • BURU • Jul 1, 2024 1:57 PM
Mass Megawatts Announces $220,500 Debt Cancellation Agreement to Improve Financing and Sales of a New Product to be Announced on July 11 • MMMW • Jun 28, 2024 7:30 AM