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Jan 11, 2018

Blockchain Power Trust Closes $43 Million Brokered Private Placement and Acquisition of 45MW Wind Power Project

Richard M. Kimel, Christopher F. Berrigan, Daniel Everall, Liam Tracey-Raymont and Sean Green

Blockchain Power Trust (formerly Transeastern Power Trust, and the “Trust” or “Blockchain Power”) (TSXV: BPWR.UN) owns and operates renewable energy assets in Romania. The Trust is in the process of establishing a data center operation containing hardware to mine Bitcoin predominantly using the Trust’s own renewable energy. 

On January 8, 2018, Blockchain Power completed a brokered private placement of 90,047,832 units at a price of $0.48 per unit for gross proceeds of approximately $43 million (the “Offering”). Each unit issued pursuant to the Offering consisted of one trust unit of the Trust and one-half of one trust unit purchase warrant. Each trust unit purchase warrant entitles the holder thereof to acquire one trust unit at an exercise price of $0.80 until January 8, 2020.

A portion of the net proceeds of the Offering was used in connection with the acquisition of a 45 MW wind farm located in the Dobrogea Region of Romania (the “OMV Acquisition”) for a total purchase price of €23 million.

Upon closing of the Offering, Blockchain Power also commenced the recapitalization of approximately $43 million of unsecured convertible debentures and other indebtedness.

Aird & Berlis LLP acted for Blockchain Power in connection with the OMV Acquisition, the Offering and the debt recapitalization with a team that included Richard Kimel, Christopher Berrigan, Daniel Everall, Liam Tracey-Raymont (Capital Markets), and Sean Green (articling student).

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