Britannia Mining and Bullet Blockchain Complete Merger - Filing with the Nevada Secretary of State and OTC Markets Group

Rhea-AI Summary

Britannia Mining has completed its merger with Bullet Blockchain, transitioning from physical mining to the crypto sector, specifically focusing on bitcoin mining. This strategic move aims to capitalize on the burgeoning crypto mining industry. Bullet has secured 3,500 ASIC miners and is set to achieve a hash rate capacity of 6,000 petahash. Following the merger, Imran Ellis has been appointed as the new CEO. Additionally, plans for a name change and a reverse stock split are underway to better position the company in the market.

Positive

• Merger provides access to the fast-growing crypto mining market.
• Bullet has already secured 3,500 ASIC miners, enhancing operational capacity.
• Projected buildout capacity of 200 megawatts with a hash rate of 6,000 petahash.
• Leadership under Imran Ellis, who has industry expertise and established partnerships.

Negative

• Transition from traditional mining might pose integration challenges.
• Reverse stock split may lead to shareholder dilution.

The Britannia-Bullet Merger Has Been Completed with Only a Few Filings and Submissions Remaining Before Name Change and Reverse Split are Initiated

NEW YORK, NY / ACCESSWIRE / August 19, 2021 / Britannia Mining, Inc. ("Britannia" or the "Company"), (OTC PINK:BMIN) announced today, that the Company has merged with Bullet Blockchain, LTD. (Bullet), to pivot from physical mining operations, into the crypto mining industry, with an initial focus on bitcoin mining.

The Company has merged with Bullet to take advantage of the rapid growth experienced within the crypto mining industry. Companies like Riot Blockchain and Marathon Digital Holdings have helped to place first movers and early adopters onto a field of innumerable opportunities. Even recent news of BitFarms' Q2 2021 Financial Results-highlighting amongst other achievements, that BitFarms "received and installed 3,461 miners" during the past quarter, with "revenues of $36.7M"-both evidence the potential of the Britannia-Bullet merger to compete in one of the fastest growing, emerging industries of today. Bullet has already demonstrated its ability to meet expectations-taking possession of 3,500 ASIC Miners to solidify its initial bitcoin mining operations-increasing its ‘year-one' anticipated buildout capacity up to a 200 megawatt facility, for a hash rate capacity of 6,000 petahash.

Mr. Bradley Rudman has resigned from his executive post as President, Secretary, and member of the Board of Directors of Britannia, as Mr. Imran Ellis, a Founding Director of Bullet Blockchain, succeeds him as the Company's President and CEO.

Mr. Ellis has long been a leading industry advocate for Bitcoin and Blockchain ledger technologies; working with ASIC chip manufacturers Canaan, Bitmain, and Bitfury. Mr. Ellis, who has also developed strong relationships with semiconductor companies TSMC, Samsung, and Global Foundries, will bring a team of well-seasoned tech executives, consultants, service providers, and international investors. Mr. Ellis also brings infrastructure partners that have helped to position Bullet as a well-capitalized upstart in the crypto mining space; beginning with Bullet announcing its entry into the crypto markets in early 2021. Bullet's infrastructure partners have helped to create an environment where Bullet can enter this merger with a ‘turnkey' operation-benefiting from access to capital, as well as highly coveted hardware, land, buildings, gas, generators, racks, security, etc.

As noted in the August 17^th, 2021 Supplemental Disclosure, on August 11^th, 2021, Britannia and Bullet entered into a Merger Agreement and Plan of Merger, and on August 13^th, 2021, the Company filed the Certificate of Merger and Plan of Merger with the Nevada Secretary of State. Furthermore, on August 16^th, 2021, the Company filed with the Nevada Secretary of State and updated Imran Ellis as the President and Director of the Company and filed the ‘Change of Control' with the OTC Markets Group, Inc.

Lastly, and as agreed upon in the Plan of Merger Agreement between Britannia and Bullet, Britannia will undergo a name change and plans to restructure the capitalization table through a reverse stock split. As discussed in previous announcements by Bullet, much care and attention has been given to how the Company will ultimately be restructured-with an ongoing commitment to protecting existing shareholders and creating an equitable opportunity for smaller stakeholders. Shareholders will be given additional details on the proposed reverse split, along with other updates, as the Company continues with additional filings and submissions to complete the regulatory review to finalize the name change and reverse split with regulators.

For more information, please visit www.BulletBlockchain.com.

About Bullet Blockchain

Bullet Blockchain, LTD. is a blockchain technology company in the Republic of Ireland that secures the bitcoin blockchain ledger. Bullet has secured partnerships that affords the Company access to highly coveted hardware, land, buildings, gas, generators, racks, security, etc. Bullet has secured 200 megawatts of electricity and infrastructure capacity for 6,000 petahash and has deployed an initial hardware fleet of 3,500 next generation ASIC miners-focused on bitcoin mining - with an initial hash rate capacity of 315 petahash and 12 megawatts of electricity.

Bullet is confident it can manage its bitcoin mining operations at a far lesser cost per kilowatt than industry competitors, therefore producing bitcoin at a lower cost with greater profit. Bullet is focused on efficiency, stability, transparency, and scalability, and plans to swiftly scale operations to 60,000 miners within the next 12 months.

For investor and general information, please email contact@BulletBlockchain.com.

About Britannia Mining

At present, Britannia Mining is identified as a natural resources development company focused on acquiring high quality mineral, mining, and other commodity-based projects. The Company has been exploring opportunities to transition its business towards the digital technology space.

For investor and general information, please email info@BritanniaMining.net.

Forward Looking Statements

Statements in this press release that are not statements of historical or current fact constitute 'forward-looking statements.' Such forward-looking statements involve known and unknown risks, uncertainties and other unknown factors that could cause the Company's actual operating results to be materially different from any historical results or from any future results expressed or implied by such forward-looking statements. In addition to statements that explicitly describe these risks and uncertainties, readers are urged to consider statements that contain terms such as 'believes,' 'belief,' 'expects,' 'expect,' 'intends,' 'intend,' 'anticipate,' 'anticipates,' 'plans,' 'plan,' to be uncertain and forward-looking.

Contact: info@BritanniaMining.net

SOURCE: Britannia Mining, Inc.

View source version on accesswire.com:
https://www.accesswire.com/660447/Britannia-Mining-and-Bullet-Blockchain-Complete-Merger--Filing-with-the-Nevada-Secretary-of-State-and-OTC-Markets-Group

FAQ

What is the significance of the Britannia and Bullet merger?

The merger allows Britannia to pivot into the fast-growing crypto mining industry, focusing on bitcoin operations.

What are the expected operational capacities post-merger?

Bullet plans to establish a 200 megawatt facility with a hash rate capacity of 6,000 petahash.

Who is leading Britannia after the merger?

Imran Ellis has been appointed as the new President and CEO, bringing industry experience.

What changes are planned for Britannia's stock structure?

The company will undergo a name change and implement a reverse stock split to restructure its capitalization.