MGT Capital Investments enters 24-month mining lease with Minerset, issuing shares and convertible note option

MGT CAPITAL INVESTMENTS, INC.

Leases up to 10 spaces at Lafayette, GA facility for $5,000/month per space; initial deposit $228,913 for 5 MW.
Issues 500,000 shares per space monthly to Minerset; annual issuance equal to that year's monthly total.
Minerset gets option to lend up to $1M via convertible note for 25% of pro forma stock, plus 60% warrant.
Tenant pays electricity costs; rent suspended 30 days if rate exceeds $0.065/kWh.
Agreement term 24 months; facility currently has 10 MW electrical capacity.

Key facts

Extracted from this filing and checked against the source text.

Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

MGT CAPITAL INVESTMENTS, INC. entered into Partnership Agreement with another cryptocurrency mining company (effective 2023-03-16).

Action: entry
Agreement: collaboration
Counterparty: another cryptocurrency mining company
Effective: 2023-03-16

Exact text from the filing

Pursuant to the Partnership Agreement, the Company agreed to issue Tenant 500,000 shares its common stock per month for each rented Space (the “Monthly Issuances”), and to also issue an additional number of shares of common stock annually equal to 100% of the Monthly Issuances for the applicable year (the “Annual Issuances,” and together with the Monthly Issuances, collectively, the “Issuances”).

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Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

MGT CAPITAL INVESTMENTS, INC. entered into Property Lease Agreement with another cryptocurrency mining company valued at $228,913 (effective 2023-03-16).

Action: entry
Agreement: lease
Counterparty: another cryptocurrency mining company
Value: $228,913
Effective: 2023-03-16

Exact text from the filing

On March 16, 2023 MGT Capital Investments, Inc (the “Company” or “MGT”) entered into a Partnership Agreement (the “Partnership Agreement”) and a Property Lease Agreement (the “Lease Agreement, and together with the Partnership Agreement, collectively, the “Agreement”) with another cryptocurrency mining company (“Tenant”).

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MGT CAPITAL INVESTMENTS, INC. filing history →

Source: SEC EDGAR

accession 0001493152-23-008550

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