CORK, IRELAND / ACCESSWIRE / September 27, 2021 / Bullet Blockchain LTD. (“Bullet” or the “Company”), a turnkey crypto mining operation focused on efficiency, stability, transparency and scalability, today announced that while the Company has been officially acquired and merged with Britannia Mining, Inc. (“Britannia”) (the “Britannia-Bullet Merger”), and Britannia has completed the state filings necessary to change the name from Britannia to Bullet Blockchain, Inc., Britannia continues to work through the process to perform the reverse split and to formalize the name change so that the Britannia-Bullet merger is officially reflected in Britannia’s common stock with OTC Markets Group, Inc (“OTC Markets”).
Today Britannia provided an update, reiterating its commitment to protect its existing shareholders and that the Britannia-Bullet merger aims to clean up Britannia’s capitalization table using a multifaceted reverse division approach.
As Britannia detailed in August 17the, 2021, Additional information, the restructuring of the capitalization table will be as follows:
First the Reverse split: The Company will divide the ordinary shares on a basis of 1 to 10 (one to 10); which means that all 10 ordinary shares held will be exchanged for 1 ordinary share (the “Reverse Split”);
Then the To assemble: Shareholders holding less than 4,440 ordinary shares of the Company will be round to 444 ordinary shares after the Reverse Split; which means that, if at the time of the Reverse Split, a shareholder owns between 1 and 4,440 ordinary shares, the holdings of that shareholder would be adjusted up to 444 ordinary shares (the “Round Up”); and,
Finally, the Tower Down: Shareholders holding 4,000,000 or more the ordinary shares of the Company will be round to 366 shares after the Reverse Split; which means that, if at the time of the Reverse Split, a shareholder who owns 4,000,000 or more ordinary shares, the holdings of that shareholder will be reduced to 366 ordinary shares (the “Round Down”).
As it is the intention of the Britannia-Bullet merger to protect the interests of shareholders, especially smaller shareholders, the reverse 1-10 (one for 10) split of Britannia common stock is believed to be both moderate and responsible. Typically, many reverse consolidations often “reverse” small shareholders of their holdings when not properly handled. Management believes that a very thoughtful approach has been taken in this regard and this is why the Round Up is helping to ensure that no shareholder is extinguished and that everyone can continue to benefit from the potential of the Britannia merger- Bullet. Likewise, in an effort to avoid inherited toxicity that can potentially impact shareholder confidence, Britannia is instituting the Round Down to essentially form a fairer environment for existing Britannia shareholders to benefit from the potential of the Britannia merger. -Bullet.
Management believes that the Britannia-Bullet merger could potentially work well, especially considering that Bullet’s infrastructure partners have now given the Britannia-Bullet merger a path to and through most construction capacity. recently secured 200 megawatt. That’s up from Bullet’s initial 100 megawatts. This suggests that there is certainly room and an opportunity for growth for the Britannia-Bullet merger.
Management is hopeful that Britannia will soon be able to reverse split and that Britannia’s common stock will reflect the new name (Bullet Blockchain) on the OTC Markets website.
For more information, please visit www.BulletBlockchain.com.
About Britannia Mining
At present, Britannia Mining is identified as a natural resource development company focused on acquiring high quality mining, mining and other commodity projects. The Company explored opportunities to transition its business into the digital technology space.
About Bullet Blockchain
Bullet Blockchain, LTD. is a Republic of Ireland-based blockchain technology company that secures the Bitcoin blockchain ledger. Bullet has entered into partnerships that provide the Company with access to equipment, land, buildings, gas, generators, racks, security systems, and more. highly coveted. Bullet secured 200 megawatts of electricity and infrastructure capacity for 6,000 petahash and deployed an initial hardware fleet of 3,500 next-generation ASIC miners, focused on bitcoin mining, with an initial rate capacity hash of 315 petahash and 12 megawatts of electricity.
Bullet is confident that it can run its bitcoin mining operations at a much lower cost per kilowatt than its industry competitors, thereby producing bitcoin at a lower cost with a higher profit. Bullet focuses on efficiency, stability, transparency and scalability, and plans to rapidly expand its operations to 60,000 miners over the next 12 months.
For investors and general information, please send an email to [email protected]
Statements in this press release that are not statements of historical or current fact constitute “forward-looking statements”. These forward-looking statements involve known and unknown risks, uncertainties and other unknown factors that could cause the Company’s actual operating results to differ materially from historical results or future results expressed or implied by such forward-looking statements. In addition to statements which explicitly describe these risks and uncertainties, readers are cautioned to consider statements which contain terms such as “belief”, “belief”, “expect”, “expect”, “Intention”, “intention”, “anticipate,” “anticipate”, “plan”, “plan”, to be uncertain and forward-looking.
THE SOURCE: Bullet Blockchain, Inc.
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