MGT Capital Investments, Inc. (OTCQB: MGTI) announced today that it has executed a series of transactions that put the Company in a debt-free and cash-rich position as it exits 2017. Specifically, investors holding a total of $4.6 million in convertible notes have exchanged their debt for equity. In addition, the Company sold two million newly issued restricted shares for a total of $8.0 million, or $4.00 per share. The purchasers also received warrants to acquire an equal number of MGT shares at a price of $4.50 per share.
Robert Ladd, MGT's Chief Executive Officer provided the following commentary on these events. "The returns in our bitcoin mining operations have never been better, and the board has decided to enter into agreements that position the Company for even greater expansion with less risk. This strengthened balance sheet, combined with the projected financial results of over 5,000 Bitmain S-9 mining rigs in operation during the first quarter of 2018, will provide MGT with tremendous flexibility going forward. These measures also move us more swiftly towards the goal of up-listing our common stock," concluded Mr. Ladd.
About MGT Capital Investments, Inc.
With facilities in WA state, MGT Capital Investments, Inc. (OTCQB: MGTI) ranks as one of the largest U.S. based Bitcoin miners. Further, the Company continues to focus on an expansion model to grow its crypto assets materially.
The Company is also developing a portfolio of cyber security technologies, with industry pioneer John McAfee as its visionary leader, creating advanced protection technologies for mobile and personal tech devices, as well as corporate networks. The Company's first product, Sentinel, an enterprise class network intrusion detector was released in October 2017. The Company also has entered into a joint venture with Nordic IT to develop and market a mobile phone with extensive privacy and anti-hacking features. The Privacy Phone has a tentative release date of February 2018.
For more information on the Company, please visit: http://www.mgtci.com