BlockBeats News, March 22nd, according to official sources, Bitcoin mining firm Riot Blockchain, Inc. announced that its wholly-owned subsidiary, Whinstone US, Inc., has entered into a definitive agreement to acquire Rhodium Encore LLC.
Under the terms of the agreement, upon closing, Whinstone will provide Rhodium with a total of $185 million, including: (i) $129.9 million in cash; (ii) $6.1 million refund of Rhodium's power deposit; (iii) $49 million in Riot shares, priced based on the volume-weighted average price over the final 10 trading days prior to closing.
As part of the transaction, Rhodium will transfer all tangible assets at the Rockdale facility, including all ASIC miners, and vacate the premises within three business days after closing. Subsequently, Riot will immediately assume Rhodium's 125 MW power capacity and existing operational assets at the Rockdale facility, enabling the entire facility's power capacity to be used for self-mining. Whinstone and Rhodium will also dismiss all existing litigations, including any appeals, and waive all future claims unrelated to the transaction.
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