$SANP ...Enters into Letter of Intent to Merge wit
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Posted On: 09/30/2017 3:00:41 AM
$SANP ...Enters into Letter of Intent to Merge with Canoe Bitcoin Mining Pool of China
Sep 29, 2017 (ACCESSWIRE via COMTEX) -- DORAL, FL / ACCESSWIRE / September 29, 2017 /
Santo Mining Corp., dba PODWERKS (the "Company" (otc pink:SANP), and Chongqing Yuhuan Technology Co., Ltd., also known as "Canoe Pool," today announced they have entered into a Letter of Intent (the "LOI" to merge and create "Canoe Pool America."
Under the terms of the LOI, upon execution of the definitive merger agreements, SANP shall issue to Canoe Pool 150 million shares of preferred stock of SANP, representing approximately 35% of SANP's post-merger preferred stock, and 50 million additional shares of preferred stock upon achievement of certain Bitcoin Mining technology goals, representing approximately 40% of SANP preferred stock.
Canoe Pool shall have the right to appoint up to three directors to the SANP Board of Directors and will assist SANP "Canoe Pool America" in developing the American Bitcoin Mining Pool market and to accelerate the further development of the combined company's Bitcoin Mining Pool pipeline.
PODWERKS' manufacturing expertise in modular container spaces coupled with a long history of doing business in China, sets the stage for both companies' new mission to further develop the U.S. crypto currency mining market. The transaction is expected to be finalized in the next 30 to 45 days and is subject to customary closing conditions.
Franjose Yglesias, CEO of SANP, stated, "This new group will constitute an excellent platform for growth in the American cryptocurrency market and cryptocurrency mining pool, I'm excited to bring this merger to our shareholders. Both companies complement each other in all the right places. During the next few weeks, we will be evaluating many aspects of this merger, including new directorships to guide the company into the future."
Additionally, Mr. Li Ang Chairman of Canoe Pool stated, "Focusing on the American market has always been apart of our plans. Now that we have found the right partner we can more aggressively move towards becoming the number one mining pool with local representation and tech support in the American market. We are excited about the prospects for growth and profits over the next year. We are looking forward to working closely with and forming meaningful relationships as we spread across the American continents."
About Chongqing Yuhuan Technology Co., Ltd. a.k.a. Canoe Pool (www.canoepool.com)
Canoe Pool (Chongqing Yuhuan Technology Co., Ltd), led by its founder Li Ang since 2013, is one of the fastest growing bitcoin mining companies in China with two large-size mining farms in Sichuan and Xinjiang, China; and with a total capacity of 75 thousand kilowatts, accommodating up to 50 thousand of the latest Bitmain S9 mining machines. Canoe pool has a total hashrate potential of 700P. Miners can choose between PPS or PPLNS payment systems with fees of 2% or 4%, accordingly. Canoe Pool currently supports Bitcoin Unlimited and represents 1.7% of the global crypto currency mining market share.
http://www.marketwatch.com/story/sanp-enters-...2017-09-29
Sep 29, 2017 (ACCESSWIRE via COMTEX) -- DORAL, FL / ACCESSWIRE / September 29, 2017 /
Santo Mining Corp., dba PODWERKS (the "Company" (otc pink:SANP), and Chongqing Yuhuan Technology Co., Ltd., also known as "Canoe Pool," today announced they have entered into a Letter of Intent (the "LOI" to merge and create "Canoe Pool America."
Under the terms of the LOI, upon execution of the definitive merger agreements, SANP shall issue to Canoe Pool 150 million shares of preferred stock of SANP, representing approximately 35% of SANP's post-merger preferred stock, and 50 million additional shares of preferred stock upon achievement of certain Bitcoin Mining technology goals, representing approximately 40% of SANP preferred stock.
Canoe Pool shall have the right to appoint up to three directors to the SANP Board of Directors and will assist SANP "Canoe Pool America" in developing the American Bitcoin Mining Pool market and to accelerate the further development of the combined company's Bitcoin Mining Pool pipeline.
PODWERKS' manufacturing expertise in modular container spaces coupled with a long history of doing business in China, sets the stage for both companies' new mission to further develop the U.S. crypto currency mining market. The transaction is expected to be finalized in the next 30 to 45 days and is subject to customary closing conditions.
Franjose Yglesias, CEO of SANP, stated, "This new group will constitute an excellent platform for growth in the American cryptocurrency market and cryptocurrency mining pool, I'm excited to bring this merger to our shareholders. Both companies complement each other in all the right places. During the next few weeks, we will be evaluating many aspects of this merger, including new directorships to guide the company into the future."
Additionally, Mr. Li Ang Chairman of Canoe Pool stated, "Focusing on the American market has always been apart of our plans. Now that we have found the right partner we can more aggressively move towards becoming the number one mining pool with local representation and tech support in the American market. We are excited about the prospects for growth and profits over the next year. We are looking forward to working closely with and forming meaningful relationships as we spread across the American continents."
About Chongqing Yuhuan Technology Co., Ltd. a.k.a. Canoe Pool (www.canoepool.com)
Canoe Pool (Chongqing Yuhuan Technology Co., Ltd), led by its founder Li Ang since 2013, is one of the fastest growing bitcoin mining companies in China with two large-size mining farms in Sichuan and Xinjiang, China; and with a total capacity of 75 thousand kilowatts, accommodating up to 50 thousand of the latest Bitmain S9 mining machines. Canoe pool has a total hashrate potential of 700P. Miners can choose between PPS or PPLNS payment systems with fees of 2% or 4%, accordingly. Canoe Pool currently supports Bitcoin Unlimited and represents 1.7% of the global crypto currency mining market share.
http://www.marketwatch.com/story/sanp-enters-...2017-09-29
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