EV Battery Tech Closes Acquisition Of Large-Scale Crypto Mining Infrastructure Company

The Company Continues to Increase its Exposure to Cryptocurrency by Acquiring Development Rights to Power and Infrastructure for 1,000 ASIC Miners in Canada

Extreme Vehicle Battery Technologies Corp.  is pleased to announce that further to its news release dated November 23, 2021, it has now completed the acquisition of Optimal CP Inc. a company focused on the development and management of large-scale crypto mining facilities.

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Optimal is presently developing numerous facilities within Alberta, Canada, that will leverage direct access to clean, reliable, low-cost power generation, that will provide energy for some of the cheapest, cleanest and most reliable mining operations globally.

The Company now has control over Optimal’s development pipeline and is retaining its management team to enable a seamless transition. The Company will also use the Optimal team’s expertise whilst the Company expands further into the cryptocurrency mining space.

Following extensive market research, EV Battery Tech believes this transaction will show significant synergies with its blockchain-based technologies, while providing the Company and its shareholders further direct exposure to the cryptocurrency industry.

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“I’m incredibly pleased to have closed this Acquisition and retained Optimal’s team of experts to join us in our journey as we focus on this rapidly growing industry,” commented EV Battery Tech CEO, Bryson Goodwin. “Our emphasis on crypto and our acquisition of such an expansive crypto-mining infrastructure is an excellent opportunity for us to really expand on our portfolio”

As compensation for the Acquisition, and based on arm’s length negotiation, the Company has issued 55 million common shares of the Company (the “Consideration Shares”), 30 million of which are subject to a repurchase right, whereby the Company will have the option to repurchase such shares for nominal consideration in the event certain performance milestones are not met by Optimal following the Acquisition.

Debt Settlement

On November 18, 2021, the Company entered into a debt settlement agreement with NAI Interactive Ltd. Pursuant to the Debt Settlement, the Company issued 476,190 common shares of the Company, in settlement of a $100,000 debt owing by the Company to NAI. Such shares are subject to a statutory resale restriction which will expire four months and one day from the date of issuance.

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