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SATO Technologies Corp. signs a loan agreement with Sygnum Bank AG for C$4M to finance bitcoin mining equipment

Date Closed

July 15, 2022

Lead Office

Montréal

Value

4.00 Million CAD

On July 15, 2022, SATO Technologies Corp. ("SATO"), announced the signing of a loan agreement through its wholly-owned subsidiary, Canada Computational Unlimited Inc., with Sygnum Bank AG which will allow SATO to finance an initial purchase of up to CHF3 million (C$4 million equivalent) worth of Bitcoin mining equipment or equivalent.

SATO engages in the cryptocurrency mining in Quebec, Canada. The company operates a state-of-the-art, carbon-neutral bitcoin mining center with a contract of 20 MW of stable, eco-friendly energy.

Sygnum Bank AG is a digital asset bank that serves institutional and private qualified investors, corporates, banks, and other financial institutions in Switzerland and internationally. 

McCarthy Tétrault advised Canada Computational Unlimited Inc. with a team led by Francois Dupuis that included Philippe Leclerc, Achille Treuil (Finance), Ana Badour, Shauvik Shah (Fintech/Crypto), Geneviève Favreau, Simon Douville, Randy Schwartz, and Michel Ranger (Tax).

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