Squire Mining provides update to shareholders on its transaction to acquire cloud computing companies and notification of postponement of special meeting

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VANCOUVER, British Columbia, July 30, 2019 (GLOBE NEWSWIRE) — Squire Mining Ltd. (CSE:SQR | FWB:9SQ | OTCQB:SQRMF) (the “Company”) wishes to provide an update on its transaction announced on May 30, 2019 (the “Transaction Announcement”) to acquire all of the issued and outstanding shares of certain companies which own and operate a fleet of cloud computing assets representing approximately 2,985 petahash (the “Transaction”) and timing for the special meeting of shareholders of the Company (the “Shareholders Meeting”) previously scheduled for July 31, 2019. 

Since the announcement of the Transaction, the Company has been working towards the completion of a revised Form 2A Listing Statement (the “Listing Statement”) as required pursuant to the policies of the Canadian Securities Exchange (“CSE”), a draft of which was filed by the Company for review by the CSE. Trading in the common shares of the Company is expected to remain halted until such time as the Company receives acceptance by the CSE of the Listing Statement. 

The Shareholders Meeting which has been called to approve an amendment to the articles and notice of articles of the Company to create non-voting participating shares to be issued in connection with the Transaction (the “Amendment”) and the change of business (and fundamental change) pursuant to the Transaction (the “Shareholder Approvals”) has been postponed. The Company will announce the new date for the Shareholders Meeting in due course. 

Clarification

As previously announced, the Transaction is subject to conditions to closing including receipt of CSE approvals and Shareholder Approvals. The Transaction Announcement erroneously stated the Amendment required approval by at least 66 2/3% of the votes cast by the shareholders of the Company at the Shareholders Meeting. The Company would like to clarify that the Amendment will require approval by a simple majority of the votes cast by the shareholders of Squire at the Meeting.

About Squire Mining Ltd.

Squire is a Canadian based technology company engaged, through its subsidiaries, in the business of operating, managing and developing cloud computing data infrastructure and system technology to support global blockchain applications related to Bitcoin SV, Bitcoin Core and other SHA-256 based digital assets.