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Lomiko Retains 20% of Promethieus Cryptocurrency and Announces Seed Financing Round

The structure of Promethieus will be: Lomiko with 20%, Sat Samra, Promethieus CEO will own 38% and A. Paul Gill, VP Business Development of Promethieus and CEO of Lomiko will own 42% of common shares.

Lomiko Metals Inc. (LMR:CA) (LMRMF) helped launch Promethieus Cryptocurrency Mining Corp in January, 2018. Promethieus has since engaged consultants as of April 6, 2018 News Release and planned the organization and the inception of a UK public cash shell, done in parallel with a European seed financing through a licensed broker/dealer.

During the May 23, 2018 meeting of the Board of Promethieus a final ownership structure was debated and confirmed based on input from regulators, consultants and tax and structure lawyers. The final structure of Promethieus will have three shareholders which will be: Lomiko with 20%, Sat Samra, Promethieus CEO will own 38% and A. Paul Gill, VP Business Development of Promethieus and CEO of Lomiko will own 42% of common shares. It was further decided to create a dual share structure with preferred shares. No preferred shares were issued at this time. In order to fund the business strategy, the company plans to select a European Exchange to launch the Initial Public Offering (“IPO”) and further shares issuances are anticipated when funds are raised.

Promethieus has assembled a proof of concept demonstrator called the Golden Goose Crypto Rig for market validation and testing customer interest. Configuration of a lower power home and/or office cryptocurrency mining rig called the Golden Goose II for individual consumers seeking to participate in cryptocurrency mining has been added to the product roadmap to support the increased market interest.

The current Promethieus team has expertise in power management hardware and is developing power management systems to reduce power consumption, increase longevity and maximize hardware operating efficiency for high cost, power hungry electronics hardware associated cryptocurrency mining.

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