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by Stockmarket Business Reporter
The TSX Venture Exchange lost 5.52 points to 763.78 Wednesday. Vince Gasparro and Michael Galego's shell graduate, Cryptoglobal Corp. (CPTO), plans to sell itself to Sean Walsh's private cryptocurrency miner, HyperBlock Technologies Corp., for $106-million in shares. HyperBlock will issue 0.4229 of a Hyperblock share for each share of Cryptoglobal, valuing the Cryptoglobal shares at 74 cents. Cryptoglobal went public in late January through Apolo Acquisition Corp. The shell's IPO shareholders need 39.8 cents to break even. They have had two months to sell at prices between 41.5 cents and $2.06.
Cryptoglobal has 8,563 cryptocurrency mining machines in Canada. HyperBlock says the combined company will have 21,000 machines in Canada and the United States. It is also planning to move to the Canadian Securities Exchange. HyperBlock's Sean Walsh will become CEO. He will be the largest shareholder with 16.7 per cent of the company.Cryptoglobal's two founders, Rob Segal and James Millership, willeach hold 9.5 per cent. Theywill join management along with Chris McGarrigle, the founder of Blockchain Dynamics, a private company that Cryptoglobal just acquired for $28-million in shares. Blockchain Dynamics has a cryptocurrency trading platform.
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