Integrated Ventures, Inc., (OTCQB: INTV) has announced that it has executed a USD 1 million Term Sheet with the Institutional Investor, the company said.
This funding is the CryptoFunder´s first transaction which offers the borrower a unique lending structure featuring an option to pay down the principal via digital currency.
The company will use the proceeds to purchase USD 600,000 warehouse facility to be used as main mining farm; to fund facility build out: shelving/connectivity/vent/heavy power system installation; to purchase additional mining rigs and related equipment (mining and sales); and to complete blockchain development for CryptoFunder.
In addition to the USD 1 million funding round, the company has retired all outstanding and highly dilutive warrants, by issuing a USD 50,000 convertible note with an option to pay down the outstanding principal with digital currency. The company expects to complete both transactions by the end of next week and to file an 8K.