Sphere 3D Merger
Gryphon Digital Mining Announces Partnership with Sphere 3D Corporation with a Sphere 3D Merger
Sphere 3D Corporation: A Brief History
Gryphon Digital Mining Corp. ("Gryphon" or the "Company") (TSX-V: GDM) is pleased to announce that Gryphon has entered into a non-binding letter of intent ("LOI") with Sphere 3D Corporation a leading developer of innovative 3D technologies and solutions, in respect of a proposed business combination bringing together the 3D printing and Blockchain 3D digital asset mining businesses of the two companies.
Sphere 3D: The Future of Mining
As a result of this proposed transaction, Sphere 3D will become a thorough bred biotechnology, 3D printing and blockchain 3D imaging business. It will also become a leading manufacturer and distributor of 3D printers, 3D scanner and 3D software, 3D scanning solutions.
Sphere 3D Merger With Gryphon Digital Mining
The merger took effect on July 1, 2016, and Gryphon Digital Mining Inc. continued to develop Sphere 3D's 3D imaging software tools for cryptocurrency mining.
Upon merger, Gryphon Digital Mining Inc., the parent company of Sphere 3D will change its name to Sphere 3D Corp. Upon completion of the transaction, Sphere 3D Corporation will become a wholly-owned subsidiary of Gryphon with a transition period of approximately six months.
Reverse Merger Completion
Gryphon Digital Mining was pleased to announce that the previously announced acquisition of Sphere 3D Corporation by Gryphon Digital Mining had been completed. Sphere 3D (“Sphere”) is a technology company that develops 3D graphics and visualization software. Sphere is headquartered in Guelph, Canada and employs 21 people. Since 2010, Sphere has been developing and delivering advanced 3D modelling and visualization software to the market. Its flagship product, VISION3, is a feature-rich and intuitive 3D modeling and scanning software platform.
Sphere 3D Corporation was acquired by Gryphon Digital Mining Inc. (TSX-V: GDM) in consideration of 886,924 common shares of Gryphon, issued at a deemed price of $0.35 per share and additional payments in cash totaling $1 million.As part of the transaction, Gryphon will operate Sphere as a separate, independent subsidiary of Gryphon Digital Mining.
