Santo Mining Corp (OTCMKTS:SANP) has finalized its deal with Chongqing Yuhuan Technology Co., Ltd. one of China’s largest cryptocurrency mining companies also known as Canoe Pool. Under this exclusive licensing agreement, Canoe Pool will provide technical and developmental support to develop the bitcoin currency mining pool platform for Santo Mining. The market has been reacting favorably to SANP closing this deal with a jolt upward in price of 8%.
Mr. Frank Yglesias CEO of SANP stated; “We will be building a new company focused on cryptocurrency mining and cryptocurrency transactions. This is just the tip of the iceberg, and during the weeks and months to come there will be many new changes and developments for Santo Mining.”
Santo Mining Corp (OTCMKTS:SANP) doing business as Cathay Lifestyle Group, Inc., is a lifestyle brand integration, marketing, design, development, education and consultant for high value sales channel of luxury lifestyle products in the leisure and entertainment sector. The Company has a portfolio of licensed brands, as well as a range of product categories. The Company’s partners include, membership clubs, golf clubs, financial services groups, nightclubs, restaurants, lounges, sports bars, duty Free Stores, e-commerce channels and direct to consumers across Asia. Santo Mining operates three subsidiaries: Cathay Cigars of Asia Corporation, Cathay Wines & Spirits of Asia and Cathay Entertainment Services of Asia. The Company is engaged in delivering social media and marketing cigar and spirits events solutions in Asia.
According to company materials, “Santo Mining Corp, a publicly traded company in the Over-the-Counter (OTC) market. It currently trades under the ticker symbol SANP. From 2012 to 2015 SANP was an analog mining company in Latin America focusing on gold mining. In April of 2015 it merged with Cathay Cigars of Asia an online bespoke cigar company focusing in the China cigar market, in February of 2017 the company started developing grow pod using remanufacture shipping containers. The company presently is focusing exclusively in Digital mining of cryptocurrencies.”
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This latest development is the first of a multi-part agreement for both Companies corporate development strategy that focuses on the rapidly expanding sector of cryptocurrency mining in America. The company’s exclusive focus will now be working in tandem with Canoe Pool to develop Canoe Pool America and have Canoe Pool America up and running to join the mining collective pool no later than year end 2017.
In a previous press releae, Rolf Bansbach, CTO of Santo Mining, stated, “Diversification of mining platforms are essential for the cryptocurrency mining strategy of the company; each system is unique in what cryptocurrency coin base systems it mines and there are many cryptocurrencies like Ether, Dogecoin and Lite Coin just to name a few, that offer us the same or more returns for working and solving transactions.”
Now commanding a market cap of $4.02M, Santo Mining is an exciting story among small caps not only because of its potential, but the financial figures are also intriguing. The company showed, in the last quarterly release, a solid balance sheet situation. As of March 31, 2017, the company showed $0.2 million in assets and only approximately $49,000 in total liabilities. We will continue to write updates on this stock as more information comes out. Sign-up for continuing coverage on shares of $SANP stock, as well as other hot stock picks, get our free newsletter today and get our next breakout pick!
Disclosure: we hold no position in $SANP, either long or short, and we have not been compensated for this article.