Toronto, Ontario--(Newsfile Corp. - July 11, 2019) - Gunpowder Capital Corp., (CSE: GPC) (CSE: GPC.PR.A) (OTCQB: GNPWF), (FSE: YS6N), ("Gunpowder" or the "Corporation") announced today that the Cryptocurrency Mining operations of MethodeVerte Inc., ("MethodeVerte") the Corporation's fully owned Cryptocurrency Mining subsidiary have entered into a facility agreement that will allow MethodeVerte to expand from its currently deployed initial cluster of mining rigs up to 1000 Mining Rigs. The Corporation is targeting having 500 Cryptocurrency Mining Rigs in place and mining within 30-60 days. With this new facility arrangement and agreement MethodeVerte benefits from better overall operating costs compared to the current agreement.
As previously stated in the Corporation's May 22nd, 2019 press release, the Corporation plans on developing MethodeVerte into leading-edge Cryptocurrency Technology Company, that focuses on both the mining of Cryptocurrencies and on the development of next generation Cryptocurrency and Blockchain technologies. The Corporation is planning to rapidly expand MethodeVerte's operations as the Corporation is aiming to have both the second and third stage deployments of additional Cryptocurrency Mining assets in operation by the end of calendar 2019. MethodeVerte is currently looking at other options that will allow it to further deploy active mining assets.
On May 1st, 2019 the quoted market value of Bitcoin was $5,321.00 USD and Ethereum was $157.00 USD. As of the date of this press release, the quoted market value of Bitcoin was $11,550.00 USD and Ethereum was $273.00 USD representing an increase of 117% for Bitcoin and 73% for Ethereum. Bitcoin needs to be valued at approximately $4,500.00 USD to achieve a breakeven point. With Bitcoin currently valued slightly above $11,500.00 USD, there is currently a healthy profitability margin in place.
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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