Moxian Raises $40 Million in Private Placements and Starts Bitcoin Mining Operations

Rhea-AI Summary

Moxian (BVI) Inc (NASDAQ: MOXC) has successfully completed a private placement of 16 million new ordinary shares at $2.50 each, raising $40 million. Of this, $29.8 million has been allocated to acquire bitcoin mining assets, with the remainder kept as working capital. Shareholder approval for these transactions was given on December 28, 2022. The deployment of these mining assets is expected to commence in the United States by the end of February 2022, marking a significant step in diversifying Moxian's business operations.

Positive

• Raised $40 million through private placement.
• Allocated $29.8 million for acquiring bitcoin mining assets.
• Initiating operations in the U.S. for bitcoin mining, diversifying business.

Negative

• None.

Hong Kong, Feb. 15, 2022 (GLOBE NEWSWIRE) -- Moxian (BVI) Inc (“Moxian” or the “Company”) (NASDAQ: MOXC), an Internet media marketing services provider, today announces that the Company has closed its private placement issue of 16 million new ordinary shares at $2.50 per share, raising an aggregate US$40 million. US$29.8 million from the private placement have been utilized to purchase bitcoin mining assets and the balance retained as working capital. Both transactions and the related agreements were approved by the shareholders of the Company at a Special Meeting held on December 28, 2022.

The mining assets will be progressively deployed in operation in the United States beginning at the end of February 2022, representing a first step towards a diversification of the Company’s business.

About Moxian (BVI) Inc

Moxian (BVI) Inc, a company organized in the British Virgin Islands in May 2021, is the surviving company following its merger with Moxian, Inc. in August 2021. Moxian (BVI) Inc is based in Hong Kong SAR, China, and currently operates in Beijing, China, as a provider of media marketing services.

Forward-Looking Statements

This announcement contains forward-looking statements as defined in Section 21E of the Securities Exchange Act of 1934 as amended. These forward-looking statements are based on the Safe Harbor provisions of the Private Securities Litigation Reform Act of 1995 and may be governed by terms such as “will,” “expect,” “anticipate,” “future,” “intend,” “plan,” Believe, “estimate”, “potential”, “continue”, “in progress”, “goal”, “guidance expectations” and similar statements are identified. The company may also include in its periodic reports to the US Securities and Exchange Commission (“SEC”), annual reports to shareholders, press releases and other written materials, as well as oral statements from third parties to the company’s management, directors or employees. Oral forward-looking statements. Any statements that are not historical facts, including statements about the company’s philosophy and expectations, are forward-looking statements that involve factors, risks, and uncertainties that could cause actual results to differ materially from those in the forward-looking statements. These factors and risks include, but are not limited to, the following: company’s goals and strategies; future business development; financial status and operating results; expected growth of China’s credit industry, especially the expected growth of China’s online lending platform; market-oriented and credit products and The demand and acceptance of services; and the ability of credit to attract and retain borrowers and lenders in the market; the relationship between the company and strategic partners; industry competition; and policies and regulations related to the company’s structure, business and industry. More detailed information about these and other risks and uncertainties is included in the company’s filings with the Securities and Exchange Commission. All information provided in the company’s introduction is the latest information as of the date of publication of the company. Except as provided by applicable law, the company is not obligated to update such information.

For further information, please contact:

Tan Wanhong
Chief Financial Officer
Email: tan.wanhong@moxiangroup.com

FAQ

What is the recent private placement amount raised by Moxian (MOXC)?

Moxian raised a total of $40 million through its recent private placement.

How much money has Moxian allocated for bitcoin mining assets?

Moxian allocated $29.8 million to purchase bitcoin mining assets.

When will Moxian begin deploying its bitcoin mining assets?

Moxian plans to begin deploying its bitcoin mining assets in the United States by the end of February 2022.

What was the approval date for Moxian's private placement transactions?

The transactions related to the private placement were approved by shareholders on December 28, 2022.