Hut 8 Mining Corp. (“
Hut 8” or the
“
Company”) (TSXV: HUT) (OTCQX: HUTMF), one of the
world’s largest public cryptocurrency mining companies by operating
capacity and market capitalization, today announced that the
Company agreed to issue 3,717,433 common shares of the Company in
settlement of outstanding debt payable to Bitfury Holding B.V.
(“Bitfury”) of $5,576,150 Canadian Dollars, based on a conversion
price of $1.50 per share.
Completion of the conversion is subject to the
approval of the TSX Venture Exchange (“TSXV”). The
securities issuable in connection with the transaction are expected
to be subject to a hold period of four months.
Also, in relation to the previously announced
purchase of 12 BlockBox AC data centers, the Company confirms that
it has received conditional approval from the TSXV with respect to
the issuance of 838,511 common shares of Hut 8 to Bitfury, at an
issuance price of $3.15 per common share, in satisfaction of US$2
million of the purchase price for such BlockBox AC data centers
announced on November 12, 2018.
Finally, the Company wishes to announce that it
has made application to the TSXV for the issuance of an additional
74,993 common shares to Induna Energy Inc. as part consideration
for consulting services rendered during the months of December 2018
and January 2019 pursuant to the terms of a joint development
agreement. Subject to TSXV approval, such shares are expected to be
issued based on the closing price for the common shares of Hut 8 on
the date before the grant date.
Since beginning its mining operations in
December 2017, Hut 8 has mined over 7,300 bitcoins. Hut 8’s current
capital structure consists of 86,273,335 common shares outstanding,
2,882,222 warrants and 965,000 options. In total, Hut 8 owns and
operates two sites in Alberta, Canada utilizing 85 BlockBox AC data
centers with current operating capacity of 95.2 MW and 784
PH/s.
ABOUT HUT 8 MINING CORP.
Hut 8 Mining Corp., headquartered in Toronto,
Canada, is a cryptocurrency mining company established through an
exclusive arrangement with the Bitfury Group, the world’s leading
full-service blockchain technology company. Through the Bitfury
Group, Hut 8 has access to a world-leading proprietary mix of
hardware, software and operational expertise to construct, optimize
and manage data centers in low-cost and attractive jurisdictions.
Hut 8 is led by a team of industry experts and intends to provide
investors with exposure to blockchain processing infrastructure and
technology along with underlying cryptocurrency rewards and
transaction fees.
Hut 8 provides investors with direct exposure to
bitcoin without the technical complexity or constraints of
purchasing the underlying cryptocurrency. Investors avoid the need
to create online wallets, wire money offshore and safely store
their bitcoin. Hut 8 provides a secure and simple way to
invest.
Key investment highlights and FAQ’s:
https://www.hut8mining.com/investors.
Keep up-to-date on Hut 8 events and developments
and join our online communities at Facebook, Twitter, Instagram and
LinkedIn.
FORWARD-LOOKING STATEMENTS
Certain information in this press release
constitutes forward-looking information. In some cases, but not
necessarily in all cases, forward-looking information can be
identified by the use of forward-looking terminology, such as
“plans”, “targets”, “expects” or “does not expect”, “is expected”,
“estimates”, “intends”, “assumes”, “anticipates” or “does not
anticipate” or “believes”, or variations of such words and phrases,
or state that certain actions, events or results “may”, “could”,
“would”, “might”, “will” or “will be taken”, “occur” or “be
achieved”. In addition, any statements that refer to expectations,
projections or other characterizations of future events or
circumstances contain forward-looking information. Statements
containing forward-looking information are not historical facts,
but instead represent management’s expectations, estimates and
projections regarding future events.
Forward-looking information is necessarily based
on a number of opinions, assumptions and estimates that, while
considered reasonable by Hut 8 as of the date of this press
release, are subject to known and unknown risks, uncertainties,
assumptions and other factors that may cause the actual results,
level of activity, performance or achievements to be materially
different from those expressed or implied by such forward-looking
information, including but not limited to the factors described in
greater detail in the “Risk Factors” section of the Filing
Statement dated March 1, 2018 relating to the Qualifying
Transaction of Oriana Resources Corporation and Hut 8, which is
available at www.sedar.com. These factors are not intended to
represent a complete list of the factors that could affect Hut 8;
however, these factors should be considered carefully. There can be
no assurance that such estimates and assumptions will prove to be
correct. The forward-looking statements contained in this press
release are made as of the date of this press release, and Hut 8
expressly disclaims any obligation to update or alter statements
containing any forward-looking information, or the factors or
assumptions underlying them, whether as a result of new
information, future events or otherwise, except as required by
law.
Neither the TSX Venture Exchange nor its
Regulation Services Provider (as that term is defined in the
policies of the TSX Venture Exchange) accepts responsibility for
the adequacy or accuracy of this release.
Hut 8 Corporate Contact:
Andrew Kiguel
Chief Executive Officer
Tel: (647) 256-1992
Email: info@hut8mining.com
Jimmy Vaiopoulos
Chief Financial Officer
Tel: (647) 256-1992
Email: info@hut8mining.com
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