Blockchain technology creates new opportunities for the oil and gas industry in the region and globally

Brox Equity is raising 20 million USD availed to GCC Investors through Ento Capital in Dubai UAE

  
Blockchain technology creates new opportunities for the oil and gas industry in the region and globally

Dubai UAE: Brox Equity, a private company registered in Alberta, Canada, is combining traditional energy and the emerging crypto experience as a way to contribute to Canada’s economic recovery for the energy industry. The company is raising up to US$20 million through an innovative exempt digital security offering which will provide investors with diversified exposure to bitcoin, natural gas and electricity.

The offering is part of the Brox strategy of purchasing natural gas assets to generate low-cost, environmentally efficient electricity for its proprietary bitcoin mining farms. Brox uses 50% of the power capacity that is generated at its sites to mine bitcoin on its own account and offers the remaining 50% to independent or third-party Bitcoin mining companies.

This development opens new frontiers for the energy sector in the region whose economies depend primarily on the revenues from oil and gas and its associate industries. Increasing the revenues while decreasing the CO2 and flaring, as well as stranded oil wells (GCC accounts for 5% of flared gas globally according to World Bank report), is a priority for GCC governments in the upcoming years.

Brox has a strategic relationship with PermianChain Technologies, the developer of a proprietary blockchain platform that brings together energy companies with crypto-asset miners to transform the way that energy is funded, produced, bought and sold. The Brox digital security, known as the Brox Token, is expected to be hosted on the PermianChain platform subject to compliance with applicable securities laws, providing Brox and its shareholders with digital tools for tracking, monitoring, managing and streamlining the distribution of bitcoin as dividend income.

“The oil and gas sector is entering a new era,” says Mohamed El-Masri, founder and CEO of PermianChain Technologies and Director and CEO of Brox. “Generally, crypto-assets and the mining of crypto-assets, mainly bitcoin, have become a viable alternative investment market that welcomes investors of all sizes. Bitcoin miners are growing in number and creating a global economy that is transforming the investment landscape, making the global digital economy a reality. We are providing the digital-asset mining infrastructure that will make this transformation sustainable and efficient.”

“In the past, oil and gas companies have been forced to work around or even waste stranded natural gas deposits because they would be too expensive to transport to traditional consumers,” says Philip Collins, Chief Operating Officer at Brox. “Today though, bitcoin mining companies are desperate for affordable, responsibly-produced energy. Bringing together the supply of stranded natural gas and the demand for responsibly produced low-cost power simply makes sense for us. Doing it in a transparent, compliant way will make the Brox Token an attractive proposition for investors of all kinds.”

“The Brox offering and our potential listing in the Canadian market offers our shareholders an innovative and unique form of investment,” says Dean Callaway, Chief Financial Officer at Brox. “Our shareholders will benefit from an investment vehicle that provides exposure to responsibly produced energy that is being used to generate bitcoin. Bitcoin earnings could ultimately be distributed as dividend income, giving Brox shareholders a convenient way to add bitcoin to their portfolios.”

Brox Tokens will represent the company’s Class B common shares and are being deployed as ERC-20 smart contracts on the Ethereum blockchain with coded restrictions to comply with Canadian exempt securities laws. The company expects to list its certificated Class A common shares on a regulated Canadian exchange. The Class A and Class B shares are interchangeable on a one for one basis, allowing shareholders liquidity through a public market and an opportunity to move between traditional and digital-asset markets.

The offering is expected to start in mid-May and is being distributed as an exempt offering by Windermere Capital in certain Canadian jurisdictions and by Ento Capital in the Dubai International Financial Centre (DIFC).

-Ends-

For more information please contact:
Wael Sarieddine | Communications Manager
Email: publicrelations@unlock-bc.com 

About Brox Equity
Brox Equity is a Calgary-based corporation that is dedicated to making investments in stranded natural gas assets for low-cost power generation to operate environmentally efficient bitcoin mining farms. The company transforms its underlying energy commodities into invest(able) digital assets for economic benefits and reliable income generation with the introduction of its own Ethereum-based (ERC-20) digital security.

About PermianChain Technologies
PermianChain is a proprietary technology platform that brings together the crypto-asset mining and oil and gas sectors. Using a permissioned access blockchain, PermianChain makes it possible to utilise stranded and wasted energy resources, unlocking liquidity and transforming the way that oil and gas projects are funded, produced, bought and sold. Established in 2018, PermianChain Technologies is a pioneer member of the Blockchain Research Institute (BRI) and start-up member of the Petroleum Technology Alliance Canada (PTAC).

PermianChain recently published a join whitepaper with the BRI. To download the report, go to https://www.blockchainresearchinstitute.org/project/oil-natural-gas-and-blockchain/ 

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