TIDMBTC
RNS Number : 0373B
Vinanz Limited
31 May 2023
The information contained within this announcement is deemed by
the Company to constitute inside information as stipulated under
the Market Abuse Regulation (EU) No. 596/2014 as it forms part of
UK domestic law by virtue of the European Union (Withdrawal) Act
2018 ("MAR")
31 May 2023
VINANZ LIMITED
("Vinanz" or the Company ")
First Interim Results for the Six Months to 28 February 2023
(Unaudited)
Vinanz Ltd announces its first interim results for the six
months period ended 28 February 2023 (the "Period"). Shareholders
are reminded that these results are unaudited and based on the
Company's management accounts.
This has been an exciting Period for the Company as we prepared
to transition from a concept to reality, so much so that Vinanz's
business as a funded Bitcoin mining company really only begun post
the end of this reporting Period.
Subsequent to the end of the Period, Vinanz commenced trading of
the Company's Ordinary Shares on the Access segment of the Aquis
Stock Exchange ("AQSE") in England on 21 April 2023 under the
ticker "BTC", following a successful subscription and placing of
GBP755,000 (before expenses) by issuing 25,166,667 shares at 3
pence per share. The Company now has 116,491,839 Ordinary Shares in
issue and the market capitalisation of the Company on Admission to
trading on AQSE.
In addition to the funds raised through the AQSE listing, Vinanz
had 20 Bitcoin miners spinning in Nebraska and 5.01153011 Bitcoins
in its ownership.
Vinanz aims to eventually build out a fully-fledged Bitcoin
mining company initially focusing on installing clusters of Bitcoin
miners within multiple facilities throughout the US and Canada
through third-party cryptocurrency mining providers.
Within its first week of being listed, the Company announced its
first expansion of Bitcoin mining machines by placing an order for
the purchase and installation of 100 new Bitmain Antminer S19J Pro
(104 TH/s) ASIC miners. These miners were ordered from a USA
company, Luxor Technology Corporation.
This expansion increases the number of Bitcoin ASIC miners from
20 to 120 and increases Vinanz's combined Terrahash processing
power in North America by 650% to 12,000 TH/s.
The contracted cost to acquire the 100 new ASIC miners is USD
$13.50 per TH with a total purchase price shipped of USD $159,000.
The hardware will be installed and operated under a Hosting
Services Agreement in Labrador, in northeast Canada. Labrador was
an ideal choice of location for the Company's first expansion of
its ASIC miners as the energy in Labrador is primarily generated
from GREEN HYDRO. As Vinanz's fleet scales, electricity rates will
decrease on a sliding scale from USD 6.6 cents per kWh to USD 5.7
cents or less.
Whilst the Company will focus initially on BTC mining, it will
also consider the mining of other cryptocurrencies, and operations
in the DeFi and Big Data space in the future. The Company intends
to be able to provide a listed UK platform to offer entry to the
technology and cryptocurrency business.
Commenting on the results, David Lenigas, Chairman of Vinanz,
said :
"It's fabulous to have finally navigated the listing process of
Vinanz onto the Aquis Stock Exchange and start trading. Our goal is
to ultimately build out a profitable business by deploying
decentralised clusters of Bitcoin miners in the USA and Canada. Our
first BTC miners are already spinning in Nebraska and our next 100
Bitcoin machine cluster of miners into Canada shortly. Our
technical team are already assessing preferred locations for the
next batches of miners. Vinanz is focused on maximising its BTC
mining operations as the next Bitcoin halving, expected to take
place in April 2024, approaches. To date, over 19 million BTC (or
over 92% of all BTC possible) has already been created. The rate at
which new Bitcoin is created decreases by half every 210,000 blocks
mined, or roughly every four years until all 21 million Bitcoin
have been mined. Historically, data suggests that BTC has hit new
highs post the last three halvings and Vinanz aims to be
strategically positioned as the number of Bitcoins mined increases
towards that magic 21 million."
"And of course, I must finish by thanking all the advisers,
consultants and shareholders who have made the listing on Vinanz
possible."
The Directors of the Company accept responsibility for the
contents of this announcement.
The Company's regulatory announcements are available to view on
its website www.vinanz.co.uk
For further information please contact:
Vinanz Limited
David Lenigas david@vinanz.co.uk
Jeremy Edelman jeremy@vinanz.co.uk
First Sentinel (Corporate Adviser and Broker)
Brian Stockbridge brian@first-sentinel.com
+44 (0) 20 3989 2222
Clear Capital Markets (Broker)
Bob Roberts bobroberts@clear-cm.co.uk
+44 (0) 20 3869 6080
Profit and Loss
Vinanz Limited
For the 6 months ended 28 February 2023
SEP 2022-FEB 2023 MAR-AUG 2022
---------------------------------------------- ----------------- ------------
Gross Profit - -
Administrative Costs
---------------------------------------------- ----------------- ------------
Accounting remuneration (15,000.00) 15,000.00
---------------------------------------------- ----------------- ------------
Company set up costs - 3,000.00
---------------------------------------------- ----------------- ------------
Professional fees 10,191.78 15,000.00
---------------------------------------------- ----------------- ------------
Total Administrative Costs (4,808.22) 33,000.00
---------------------------------------------- ----------------- ------------
Operating Profit 4,808.22 (33,000.00)
---------------------------------------------- ----------------- ------------
Profit on Ordinary Activities Before Taxation 4,808.22 (33,000.00)
---------------------------------------------- ----------------- ------------
Profit after Taxation 4,808.22 (33,000.00)
Balance Sheet
Vinanz Limited
As at 28 February 2023
28 FEB 2023 31 AUG 2022
Fixed Assets
Tangible Assets
Unpaid called up share capital 0.01 -
-------------------------------------------- --------------- -----------
Total Tangible Assets 0.01 -
-------------------------------------------- --------------- -----------
Total Fixed Assets 0.01 -
-------------------------------------------- --------------- -----------
Current Assets
Cash at bank and in hand
-------------------------------------------- --------------- -----------
Everyday bank account 1,000.00 -
-------------------------------------------- --------------- -----------
Total Cash at bank and in hand 1,000.00 -
-------------------------------------------- --------------- -----------
Prepayments 9,808.22 20,000.00
-------------------------------------------- --------------- -----------
Total Current Assets
Creditors: amounts falling due within
one year 10,808.22 20,000.00
Accounts Payable 15,000.00 20,000.00
-------------------------------------------------- --------------- -----------
Accrued expenses - 15,000.00
-------------------------------------------------- --------------- -----------
Related party - David Lenigas 1,000.00 -
-------------------------------------------------- --------------- -----------
Related party - Jeremy Edelman 28,000.00 23,000.00
-------------------------------------------------- --------------- -----------
Total Creditors: amounts falling due within
one year 44,000.00 58,000.00
-------------------------------------------------- --------------- -----------
Net Current Assets (Liabilities) (33,191.78) (38,000.00)
-------------------------------------------------- --------------- -----------
Total Assets less Current Liabilities (33,191.77) (38,000.00)
-------------------------------------------------- --------------- -----------
Net Assets
Capital and Reserves (33,191.77) (38,000.00)
-------------------------------------------------- --------------- -----------
Capital - 1 Ordinary Share 0.01 -
-------------------------------------------------- --------------- -----------
Current Year Earnings 4,808.22 (38,000.00)
-------------------------------------------------- --------------- -----------
Retained Earnings (38,000.00) -
-------------------------------------------------- --------------- -----------
Total Capital and Reserves (33,191.77) (38,000.00)
Statement of Cash Flows
Vinanz Limited
For the 6 months ended 28 February 2023
SEP 2022-FEB MAR-AUG 2022
2023
---------------------------------------------- ------------ ------------
Operating Activities
---------------------------------------------- ------------ ------------
Payments to suppliers and employees (191.78) (23,000.00)
---------------------------------------------- ------------ ------------
Net Cash Flows from Operating Activities (191.78) (23,000.00)
Investing Activities
Other cash items from investing activities 10,191.77 (20,000.00)
--------------------------------------------- ------------ ------------
Net Cash Flows from Investing Activities 10,191.77 (20,000.00)
Financing Activities
Other cash items from financing activities (8,999.99) 43,000.00
---------------------------------------------- ------------ ------------
Net Cash Flows from Financing Activities (8,999.99) 43,000.00
---------------------------------------------- ------------ ------------
Net Cash Flows 1,000.00 -
Cash and Cash Equivalents
---------------------------------------------- ------------ ------------
Cash and cash equivalents at beginning of - -
period
---------------------------------------------- ------------ ------------
Net change in cash for period 1,000.00 -
---------------------------------------------- ------------ ------------
Cash and cash equivalents at end of period 1,000.00 -
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END
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