PHILADELPHIA, Dec. 21, 2017 /PRNewswire/ -- Integrated Ventures, Inc., (OTCQB: INTV) (the "Company") today announced that it has executed a $1 million Term Sheet with the Institutional Investor. This funding is the CryptoFunder's first transaction which offers the borrower a unique lending structure featuring an option to pay down the principal via digital currency.
The use of proceeds as follows:
- To purchase $600,000 warehouse facility to be used as main mining farm
- To fund facility build out: shelving/connectivity/vent/heavy power system installation
- To purchase additional mining rigs and related equipment (mining and sales)
- To complete blockchain development for CryptoFunder
- To re-design corporate website
- To engage an investor relations firm.
"We view this multi-tranch funding round as our beta test and an initial entry into the financial sector. Blockchain technology along with all digital currencies are gaining increased market attention and adoption. CryptoFunder is a great business tool that can assist public companies to secure a minimally dilutive funding, driven by a secured ledger. This lending platform is a prime example of how blockchain-based technologies can be leveraged to disrupt financial markets. Today's news is a win-win for the Company and its shareholders: (1) it secures funding to purchase mining equipment and (2) it signals the start of a new revenue stream. Integrated Ventures intends to act only as an exclusive cloud mining partner and to establish relationships with lending groups and investment funds, so that they can directly market CryptoFunder to their client base including initiating and managing the loan process," said Steve Rubakh, CEO of Integrated Ventures, Inc.
In addition to the $1 million funding round, the Company has retired all outstanding and highly dilutive warrants, by issuing a $50,000 convertible note with an option to pay down the outstanding principal with digital currency. The Company expects to complete both transactions by the end of next week and to file an 8K.
* About Integrated Ventures, Inc: the Company is focused on acquiring, launching and operating companies in the cryptocurrency sector, mainly in digital currency mining, and equipment manufacturing, sales of branded mining rigs, as well as blockchain software development.
- For more details, please visit www.integratedventuresinc.com.
** About BitcoLab: This majority owned subsidiary is pursuing opportunities in the cryptocurrency sector with focus on bitcoin mining, hosting, pooling, manufacturing and distributing of its own brand of mining equipment and the development of blockchain based applications for financial markets.
- For more details about BitcoLab, Inc , please visit www.bitcolab.io.
About CryptoFunder: The world's first financial blockchain platform which acts like a decentralized and encrypted lending ledger that offers a secure, efficient, verifiable and permanent way of storing records and other lending information. These protocols are the backbone of numerous digital currencies that are being mined by the Company, including Bitcoin, Ethereum and Litecoin. The CryptoFunder blockchain consists of qualifying, initiating, underwriting, processing and managing funding transactions, including tracking of digitally mined assets and using them as a main mode of payment for loans, lending contracts and convertible notes.
*** About CryptoCurrency Investments & Risks: The Company urges all current and potential investors to visit https://www.sec.gov/news/public-statement/statement-clayton-2017-12-11 to fully understand all risks involved in CryptoCurrency investing.
Safe Harbor Statement: The information posted in this release may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. You can identify these statements by use of the words "may," "will," "should," "plans," "explores," "expects," "anticipates," "continue," "estimate," "project," "intend," and similar expressions. Forward-looking statements involve risks and uncertainties that could cause actual results to differ materially from those projected or anticipated. These risks and uncertainties include, but are not limited to, general economic and business conditions, effects of continued geopolitical unrest and regional conflicts, competition, changes in technology and methods of marketing, and various other factors beyond the Company's control.
SOURCE Integrated Ventures, Inc.