Gunpowder Capital Corp., Provides Update on Meryllion Resources Corp., and BitBlox Technologies Inc.
FOR IMMEDIATE RELEASE
Toronto, Ontario, February 28th, 2018 – Gunpowder Capital Corp., (CSE: GPC), (CSE: GPC.PR.A), (OTCQB: GNPWF), (Frankfurt: YS6N), (“Gunpowder” or the “Corporation”) announced today that it’s two clients Meryllion Resources Corp., (CSE: MYR) and BitBlox Technologies Inc., (“BitBlox”), a cryptocurrency mining technology company, have both entered into a non-binding Letter of Intent (“LOI”) to complete a business combination resulting in a proposed reverse takeover (the “RTO”) of Meryllion by the shareholders of BitBlox. Following the completion of the proposed transaction, the resulting entity will hold all of the assets of BitBlox and would continue the business of BitBlox.
GPC invested Fifty Thousand Dollars (“$50,000.00”) CDN in Meryllion and received Two Million (“2,000,000”) Units at a purchase price of Two and a Half Cents (“$0.025) CDN per Unit. Each Unit that Gunpowder purchased is comprised of one common share of Meryllion, and one half common share purchase warrant. Each whole warrant entitles Gunpowder to acquire one common share of Meryllion for $0.05 for a period of 18 months from the closing date which occurred on August 14th, 2017.
GPC participated in BitBlox’s initial two financing rounds. Combined, GPC has invested One Hundred Twenty Thousand Dollars (“$120,000.00”) CDN into BitBlox.
Mr. Paul Haber stated: “We are extremely pleased to have been involved in the process of this potential RTO. We feel that Cryptocurrency mining is perhaps the most exciting sector in the markets today. This industry space is in its infancy, and there are currently not many Cryptocurrency mining companies listed on stock exchanges in Canada. We strongly believe that once this RTO is completed, it will not only be beneficial to GPC but to all shareholders and stakeholders currently involved with the two entities.”
About Gunpowder Capital Corp.
Gunpowder Capital Corp., is a merchant bank and advisory services firm based in Toronto, Ontario, Canada. Gunpowder invests in both publicly traded and private businesses that have successful management teams and attractive economic models. Gunpowder partners with these businesses to support their growth initiatives with its proven methodology of appropriate financing and structured exits. Gunpowder offers debt financing, including mezzanine and bridge loans, equity financing and advisory services. Gunpowder is also building a portfolio of companies in which it takes a long term position and view. For more information please visit www.gunpowdercapitalcorp.com
For further information please contact:
Mr. Frank Kordy
CEO & Director
Gunpowder Capital Corp.
T: (647) 466-4037
Mr. Paul Haber
Gunpowder Capital Corp.
T: (416) 363-3833
Information set forth in this news release may involve forward-looking statements under applicable securities laws. The forward-looking statements contained herein are expressly qualified in their entirety by this cautionary statement. The forward-looking statements included in this document are made as of the date of this document and the Corporation disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as expressly required by applicable securities legislation. Although Management believes that the expectations represented in such forward-looking statements are reasonable, there can be no assurance that such expectations will prove to be correct. This news release does not constitute an offer to sell or solicitation of an offer to buy any of the securities described herein and accordingly undue reliance should not be put on such. Neither CSE nor its Regulation Services Provider (as that term is defined in the policies of the CSE) accepts responsibility for the adequacy or accuracy of this release.
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