BitFrontier Eliminates 100% of Convertible Notes in Equity Exchange
SAN JOSE, CA, Jan. 11, 2024 (GLOBE NEWSWIRE) -- via –BitFrontier Capital Holdings Inc. (OTCMKTS: BFCH), a leading provider of crypto mining hardware and hosting centers, today announced the signing of a consolidation agreement to eliminate all convertible note debt into a long term equity position as detailed below.
“By eliminating 100% of our convertible debt, we’ve cleaned up our books as we begin the process of auditing our financials, the 15(c)-211 process and uplisting to the OTCQB as soon as possible. In a bullish move, our angel investor is reinvesting in our success and banking our long-term growth and success. Thank you Jeff Mutual. This is huge for BFCH.” - Andrew Gilton, BFCH CEO.
Since our relaunch of BFCH back in 2022, we have proven ourselves to our financial stakeholder. In order to help us take flight, he has graciously agreed to exchange all convertible notes for an equity position and 5-year payment plan that we can live with. This will make our audit process simple and make our stock more attractive to investors by removing the threat of potential dilution.
“Over the past year Andrew Gilton and his team have shown persistent drive and dedication. I believe that BitFrontier Capital Holdings is a success story waiting to happen. My goal is to give this talented team and every BFCH shareholder/investor the best opportunity for success and I believe that this Debt Exchange for Equity is an important first step and we will ALL be rewarded for our support!” - Jeffrey Mutual
Details of the Deal:
- All (100%) existing convertible notes totaling over $2.1M have been removed from our books
- In exchange for $1.8M of convertible notes, parties agree to grant 7.5% equity in BFCH
- Remaining $300,000 will be paid back over 60 months at a rate of $5K/month
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About BitFrontier Capital Holdings, Inc.
BitFrontier Capital Holdings, Inc. is a leading provider of Crypto Mining Hardware and Hosting Centers. Consisting of ASIC Miners US, Inc. and Liquid Immersion Worldwide, Inc. BitFrontier is a one stop shop for purchasing the very latest mining equipment and strategically located hosting centers throughout the US.
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