InvestmentPitch Media Video Discusses iMining Technologies’ Signing of a Letter of Intent to Purchase a 4MW Power Project in Alberta
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.
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.
A Media Snippet accompanying this announcement is available by clicking on the image or link below:
For more information, please view the InvestmentPitch Media video which provides additional information about this news and the company, along with video comments from Khurram Shroff, President and CEO of iMining. The video is available for viewing on “InvestmentPitch.com” and on “YouTube”. If these links are not enabled, please visit www.InvestmentPitch.com and enter “iMining” in the search box.
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 [email protected].
About InvestmentPitch Media
InvestmentPitch Media leverages the power of video, which together with its extensive distribution, positions a company’s story ahead of the 1,000's of companies seeking awareness and funding from the financial community. The company specializes in producing short videos based on significant news releases, research reports and other content of interest to investors.
Disclaimer
The information in this InvestmentPitch Media Ltd video is for the viewers information only. iMining has paid a fee not exceeding $2,000 in cash to have its current news release produced in video format. The corporate information is based on information that is publicly available. Any information provided by InvestmentPitch Media Ltd., through its media services is not to be construed as a recommendation or suggestion or offer to buy or sell securities but is provided solely as an informational media service. InvestmentPitch Media Ltd makes no warranties or undertakings as to the accuracy or completeness of this information. All due diligence should be done by the viewer or their financial advisor. Investing in securities is speculative and carries risk.
CONTACT:
InvestmentPitch Media
Barry Morgan, CFO
[email protected]
