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Legion Metals (CSE:LEGN) has moved into the cryptocurrency sector

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The company has signed an asset purchase agreement to immediately acquire two fully operational cryptocurrency mining computers, or rigs, as they are called in the industry.

Additional Information:

Company: Legion Metals
Stock Symbol: CSE: LEGN
Date Published: Jan 9, 2018
Transcript: Available

Video Transcript:

I’m Megan Edwards for Investmentpitch Media

Legion Metals has moved into the cryptocurrency sector with the acquisition of two cryptocurrency mining computers.

The company has signed an asset purchase agreement to immediately acquire two fully operational cryptocurrency mining computers, or rigs, as they are called in the industry.

The sellers have also agreed to source additional components and construct ten additional rigs, all expected to be operational by February.

Given the current market values of cryptocurrency, these rigs, once in operation, are expected to generate immediate positive cash flow.

Legion will pay the sellers 1 million shares, issued at a price of 8 and a quarter cents per share for a deemed value of $82,500, plus 400,000 stock options exercisable at $0.11 for 60 months.

The rigs will be housed in a facility near Vancouver operated by the sellers, for which the company will pay the sellers no more than $1,000 per month.

The sellers will provide all support and maintenance for the rigs, for which the sellers will collectively receive 25% of the net crypto-mining proceeds from the rigs.

Peter Smith, President and CEO, stated: “The sellers, Austin Spencer and Aaron Smith-Hayes, are longtime friends of mine and another board member, and we are very fortunate that this relationship has provided Legion with this opportunity to invest in the crypto-currency mining space. Austin and Aaron are extremely knowledgeable and well-connected in crypto-mining, and we feel that this transaction represents an excellent opportunity for Legion shareholders while we await further exploration results from Millen Mountain.”

This investment by Legion into crypto-currency mining does not constitute a change of business for the Company.

Legion still holds a 100% interest in the Millen Mountain gold property, which is under option to Probe Metals Inc.

The Millen Mountain Property, located in Nova Scotia, contains four historical gold occurrences, and is comprised of 80 mineral claims covering approximately 1,280 hectares.

The shares are currently trading at $0.11, and with 11.8 million shares outstanding, the company is capitalized at $1.3 million.

For more information please contact Peter Smith, President and CEO, at 778-999-7030.

I’m Megan Edwards for Investmentpitch Media