BlockQuarry Announces $1.25 Million in Secured Funding, Shares Operational Highlights
HOUSTON, Feb. 23, 2023 (GLOBE NEWSWIRE) — via InvestorWire — BlockQuarry Corp. (OTC: BLQC) (“BlockQuarry” or the “Company”), a Texas-based company with commercial-stage operations in the energy and infrastructure industry, focusing on cryptocurrency hosting and self-mining with a focus on Bitcoin, is pleased to announce the following to its shareholders.
The Company has secured $1.25 million in funding through the sale of its Preferred B Shares with RB Capital Partners, Inc. This funding will be booked as an asset for the Company and will not show up on the Company’s balance sheet as a liability, unlike a traditional bridge loan or convertible debenture. This booking of assets will allow the shareholder equity to be at a positive number for the first time in the Company’s history.
Alonzo Pierce, president and chair of BlockQuarry, stated, “This is a monumental moment for the Company and its shareholders, as it is the first time in BlockQuarry’s history that our shareholder equity is at a positive number. Our focus over the last few months has really been to drive as much value as possible by cleaning up the balance sheet and providing real value to our shareholders and investors.”
Pierce continued, “We are executing on our plan that we laid out to deliver as much value as possible on our journey to the Nasdaq. We hope our shareholders see the moves we are making and what we have in store.”
The Company’s operational highlights over the last few months include:
- Cancelled $5 million in convertible debt over the last quarter.
- Extended all convertible debt out of default with RB Capital Partners, Inc.
- Reduced the overall liabilities on the balance sheet by 30%.
- Signed an LOI with Minerset to merge into BlockQuarry.
- The Company’s shareholder equity will be at an approximate positive $500,000 versus a negative $5.8 million at the end of Q3. This represents a $6.3 million dollar swing from the negative to positive in less than two quarters.
Brett Rosen, managing partner of RB Capital Partners, stated, “We saw how big of an impact the debt cancellation was a few weeks ago and wanted to take it a step further to show fellow shareholders and the market how confident RB Capital is in BlockQuarry. By providing this funding, we can ensure that BlockQuarry can execute on its plan that it has laid out for its shareholders. Additionally, we were actually able to help flip the shareholder equity from negative to positive.”
Pierce concluded, “Another major thanks to RB Capital for believing in our plan and future here at BlockQuarry. Our balance sheet has improved tremendously over the last few months, and we are very proud of what we have accomplished. We hope we can continue to provide more value to our shareholders and investors and look forward to an exciting few months ahead.”
All Company updates, material and nonmaterial, will only be made public via press releases, Twitter and/or via the Company’s website: www.BlockQuarry.io.
About BlockQuarry Corp.
BlockQuarry Corp. is an energy and infrastructure company focused on cryptocurrency hosting and self-mining operations, with leased properties located within the Southeast United States. BlockQuarry Corp. also maintains a fleet of digital/cryptocurrency mining equipment and infrastructure.
This press release may contain forward-looking statements that involve risks and uncertainties. These statements relate to future events or the Company’s future financial performance. In some cases, forward-looking statements may be identified by terminology including “could,” “may,” “will,” “should,” “expect,” “plan,” “anticipate,” “believe,” “estimate,” “predict,” “potential” and the negative of these terms or other comparable terminology. While these forward-looking statements, and any assumptions upon which they are based, are made in good faith and reflect the Company’s current judgment regarding the direction of its business, actual results will almost always vary, sometimes materially, from any estimates, predictions, projections, assumptions or other future performance suggested in this report. Except as required by applicable law, the Company does not intend to update any of the forward-looking statements to conform these statements to actual results. Investors should refer to the risks disclosed in the Company’s reports filed from time to time with OTC Markets (www.otcmarkets.com).
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