Mining Power Group, Inc. (RCGR) Enters Into $1 Million Equity Financing Agreement With Triton Funds
Financing Will Springboard the Growth of Recent Data Center Acquisition, Northway Mining, LLC.
MIAMI, October 16, 2018 /PRNewswire/ — Mining Power Group, Inc., (OTCPK:RCGR) (the “Company” or “RCGR”), announced today that on October 11, 2018, it had entered into a Common Stock Purchase Agreement with Triton Funds, LP, a Delaware limited partnership (“Triton Funds”), in which Triton Funds has agreed to purchase up to $1,000,000 of registered common stock of the Company in connection with a separate Registration Rights Agreement. Under the terms of the investment, the Company agreed to register the shares purchased under an S-1 registration statement to be filed with the Securities and Exchange Commission in the immediate future, and Triton Funds will be purchasing the shares at an 18% discount to the stated market purchase price (that is, at the market purchase price multiplied by 82%, meaning an 18% discount).
Dror Svorai President and CEO, stated, “We are excited to be working with a cutting-edge young organization focused on financing new technologies and emerging growth companies – like us. Our agreement with Triton Funds is highly advantageous to the company in that provides seed funding to springboard our rapid growth in the data center market, while affording Triton Fund a significant long term upside opportunity through their equity investment. It’s a win-win for everyone, especially our shareholders who will benefit by the significant investment Triton Funds is making in their company. Moreover, at only an 18% discount to market, the overall transaction is far less dilutive than convertible debt instruments.”
“Here at Triton Funds we strive to locate and invest into companies that make a technological impact going forward. Mining Power Group is one of the cases where a company is pushing the boundaries every single day. The Company, along with its management team, has found a way to keep extending its reach in the energy sector. While we live in an ever-changing technological world, Mining Power Group will be viewed as one of the company’s that helped push ideas forward,” said Dmitriy Slobodskiy Jr, Research Analyst of Triton Funds.
“One of the key factors we look for before we invest is how effective is the management team, and Dror Svorai has proved to be nothing less than exceptional. He has capitalized on every opportunity available and will continue to do so for the longevity of Mining Power Group,” said Yash Thukral, Founder of Triton Funds. “We look forward to providing seed capital to this company to help them succeed.”
About Triton Funds
Triton Funds, La Jolla, California, was started by three undergraduate students from Southern California aspiring to create an investment fund with a ‘millennial touch’. It began on the streets of La Jolla in search of investors willing to back our idea of a student-run fund that creates a greater sense of community through investments in local companies and entrepreneurs, philanthropy, and guidance to fellow college students interested in the finance field. As a result, local limited partners, coupled with the support of our advisory board, established Triton Funds, creating real-world opportunities for college students to guide its investments in growing companies. For more information, visit, https://www.tritonfunds.com.
About Mining Power Group, Inc.
Mining Power Group, Inc. was original formed as Rich Cigars to distribute, brand and market tobacco products. Following a change of control in November 2017, it changed its name and shifted its focus to become a holding company for new subsidiary operations serving the cryptomining industry. The Company trades under the symbol “RCGR”) and is a fully reporting SEC company listed on the OTC market. For additional information on the Company, visit, http://www.miningpowergroup.com.
About Northway Mining, LLC
Northway Mining, LLC, located in Athens, NY, is a crypto mining data center hosting over a 1,000 rigs that operate 24/7. It has over 5,000 square feet of secure crypto mining space for any type of machine and is fully climate-controlled to assure machine optimal output. It has a unique competitive advantage in its onsite access to hundreds of Megawatts of electricity at very affordable rates. Its employees have significant experience in cryptocurrency operational systems, the repair of miners, general computer science and info management systems, with a strong interest in all things Bitcoin/crypto/blockchain. For additional information on Northwood Mining, visit, https://www.northwaymining.com.
Safe Harbor Statement:
This release includes “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934. Such statements include any that may predict, forecast, indicate, or imply future results, performance or achievements, and may contain the words “estimate”, “project”, “intend”, “forecast”, “anticipate”, “plan”, “planning”, “expect”, “believe”, “likely”, “should”, “could”, “would”, “may” or similar words or expressions. Such statements are not guarantees of future performance and are subject to risks and uncertainties that could cause the company’s actual results and financial position to differ materially from those in such statements, which involve risks and uncertainties, including those relating to the Company’s ability to grow. Actual results may differ materially from those predicted and any reported should not be considered an indication of future performance. Potential risks and uncertainties include the Company’s operating history and resources, economic, competitive, and equity market conditions.
Source: Mining Power Group, Inc.