iMining Blockchain and Cryptocurrency Inc. (TSXV:IMIN) entered into a letter of intent to acquire BitBit Financial Inc. for CAD 3.6 million on May 21, 2021. Under the terms of the LOI, iMining will issue 10,000,000 common shares to acquire all of the outstanding shares of BitBit Financial on a one-for-one exchange ratio. There are currently 10,000,000 BitBit Financial shares outstanding. The parties acknowledge that upon completion of the Acquisition, all of the iMining Shares issued to acquire BitBit Financial will be subject to voluntary escrow provisions whereby the shares will become free-trading as to 25% on closing and an additional 25% every three months thereafter. The parties have agreed to undertake commercially reasonable efforts to negotiate and settle the terms of a Definitive Agreement by June 7, 2021. The LOI terminates in the event the parties fail to execute a Definitive Agreement by June 7th, 2021, unless extended in writing by both parties. The final structure of the Acquisition is subject to receipt of tax, corporate and securities law advice for both iMining and BitBit Financial. The Letter Agreement is subject to several conditions including, the board of Directors of iMining and the shareholders of BitBit Financial and BitBit?s nominee as a Director of iMining submitting a Personal Information Form to the TSXV for approval. The transaction is expected to close on or before June 22, 2021. iMining Blockchain and Cryptocurrency Inc. (TSXV:IMIN) completed the acquisition of BitBit Financial Inc. on June 7, 2021. Post completion, BitBit Financial operates as a wholly owned subsidiary of iMining. All of the shareholders of BitBit have entered into voluntary lock-up agreements pursuant to which the Shares issued to them will become free-trading as to 25% on cosing and an additional 25% every three months thereafter. As one of the conditions of the transaction, upon TSX Venture Exchange acceptance of BitBit?s nominee, BitBit has the right to appoint a director to iMining?s Board, and an announcement is expected shortly.