The Company has cancelled
“Not only were we able to cancel debt but we were also able to extend the maturity date on our remaining notes with
- A total of five
RB Capital notes were cancelled, with a principal value totaling$4 million . All the notes cancelled were in default. The five notes had a total accrued value of nearly$410,000 in interest. - The Company also extended the maturity dates on the remaining
RB Capital notes (toDecember 2024 ), reducing derivative liabilities accrued, as the notes were already in default. - The Company was also able to negotiate and cancel
$525,000 in principal and accrued interest in the form of bridge loans from another debtholder. - The total value of all debt cancelled was
$4,935,000 in principal and accrued interest.
“For us, this deal was a no-brainer. We truly believe in what
Pierce concluded, “This is a testament to our investors’ faith in our ability to execute on our vision and value proposition and the tremendous promise we see around the corner. I look forward to seeing some more significant moves from the Company in Q1 and beyond.”
All Company updates, material and nonmaterial, will only be made public via press releases, Twitter and/or via the Company’s website: www.BlockQuarry.io.
About
Forward-Looking Statements
This press release may contain forward-looking statements that involve risks and uncertainties. These statements relate to future events or the Company’s future financial performance. In some cases, forward-looking statements may be identified by terminology including "could," "may," "will," "should," "expect," "plan," "anticipate," "believe," "estimate," "predict," "potential" and the negative of these terms or other comparable terminology. While these forward-looking statements, and any assumptions upon which they are based, are made in good faith and reflect the Company’s current judgment regarding the direction of its business, actual results will almost always vary, sometimes materially, from any estimates, predictions, projections, assumptions or other future performance suggested in this report. Except as required by applicable law, the Company does not intend to update any of the forward-looking statements to conform these statements to actual results. Investors should refer to the risks disclosed in the Company's reports filed from time to time with OTC Markets (www.otcmarkets.com).
Company Contact:
info@blockquarry.io
Corporate Communications:
InvestorBrandNetwork (IBN)
www.InvestorBrandNetwork.com
310.299.1717 Office
Editor@InvestorBrandNetwork.com
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