VANCOUVER, British Columbia, Nov. 30, 2022 (GLOBE NEWSWIRE) -- iMining Technologies Inc. (TSXV:IMIN) (FSE:P1A), which invests in energy infrastructure, blockchain technology and the Web3.0 ecosystem, has signed a Letter of Intent to purchase a 4MW Power Project in Alberta. The Project will be the first acquisition for iMining Technologies under its new strategy of being an Energy focused company.
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The Alberta-based Project is capable of generating up to 4 MW per hour by using low-cost natural gas to run the Rolls Royce turbine. The Project comes with an existing interconnection agreement in place with Fortis Alberta, for another 5 years, before it’s scheduled to expire on December 31, 2027. Under the agreement with Fortis, the power plant is operated as a peaking plant, whereby electricity is only supplied to the electrical grid when certain minimum power price thresholds are met and when the energy is not required by Fortis, iMining may generate power for its own purposes.
With digital asset miners facing a combination of higher energy costs, their largest expense, and the decline in cryptocurrency prices, miners are facing shrinking profit margins with many entering bankruptcy or ceasing operations. Given these market dynamics and with the future in mind, iMining has decided to focus on an Energy first strategy to become a fully integrated Energy company enabling future technologies.
The shares are trading at $0.085. For more information, please visit the company’s website at www.iMining.com, contact Saleem Moosa, Director, at 604-602-4935 or email investor@iMining.com.
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