TORONTO, Feb. 11, 2022 /CNW/ - Hut 8 Mining Corp.
(Nasdaq: HUT) (TSX: HUT) ("Hut 8" or the "Company")
announces that it has entered into an at-the-market offering
agreement dated February 11, 2022
(the "ATM Agreement") with H.C. Wainwright & Co., LLC
(the "Agent") as agent, pursuant to which the Company established
an at-the-market equity program (the "ATM Program").
Pursuant to the ATM Program, the Company may, at its discretion
and from time-to-time during the term of the ATM Agreement, sell,
through the Agent, such number of common shares of the Company
("Common Shares") as would result in aggregate gross
proceeds to the Company of up to US$65
million. Sales of Common Shares, if any, through the Agent
will be made through "at-the-market" issuances, including without
limitation, sales made directly on the Nasdaq Stock Market in
the United States at the market
price prevailing at the time of each sale. No Common Shares will be
offered or sold under the ATM Program on the Toronto Stock Exchange
or any other marketplace in Canada. The ATM Program may be terminated,
with notice, by either party at any time.
The Company intends to use the net proceeds of the ATM Program,
if any, principally for general corporate purposes (including
funding ongoing operations and/or working capital requirements).
The net proceeds of the ATM Program may also be used to repay
indebtedness outstanding from time to time, discretionary capital
programs, and potential acquisitions. Since the Common Shares will
be distributed at market prices prevailing at the time of the sale,
prices may vary between purchasers and during the period of
distribution. The volume and timing of sales, if any, will be
determined at the sole discretion of the Company's management and
in accordance with the terms of the ATM Agreement.
The offer and sale of the Common Shares under the ATM Program
will be made by means of a prospectus supplement dated February 11, 2022 (the "Prospectus
Supplement") to the Company's existing short form base shelf
prospectus dated April 7, 2021 (the
"Base Shelf Prospectus" and, together with the Prospectus
Supplement, the "Prospectus") and U.S. registration
statement on Form F-10 (the "Registration Statement"), which
includes the Base Shelf Prospectus.
The Registration Statement was declared effective by the United
States Securities and Exchange Commission (the "SEC") on
April 7, 2021. The Prospectus
Supplement has been filed with the applicable securities regulatory
authorities in each of the provinces and territories of
Canada and the SEC. The Prospectus
is available on the SEDAR website maintained by the Canadian
Securities Administrators at www.sedar.com and is available on the
SEC's EDGAR website at www.sec.gov.
This news release does not constitute an offer to sell or the
solicitation of an offer to buy, nor shall there be any sale of
these Common Shares in any jurisdiction in which such offer,
solicitation or sale would be unlawful prior to the registration or
qualification under the securities laws of any such
jurisdiction.
About Hut 8 Mining Corp.
Hut 8 is one of North America's
largest innovation-focused digital asset miners, led by a team of
business-building technologists, bullish on bitcoin, blockchain,
web 3.0 and bridging the nascent and traditional high performance
computing worlds. With two digital asset mining sites located in
Southern Alberta and a third site
in North Bay, Ontario, Canada, Hut
8 has one of the highest capacity rates in the industry and one of
the largest inventories of self-mined Bitcoin of any crypto miner
or publicly-traded company, globally. With 36,000 square feet of
geo-diverse data center space and cloud capacity powered by
emission-free energy sources, Hut 8 is revolutionizing conventional
assets to create the first hybrid data center model that serves
both the traditional high performance compute (web 2.0) and nascent
digital asset computing sectors, blockchain gaming, and web 3.0.
Hut 8 was the first Canadian digital asset miner to list on the
Nasdaq Global Select composite index and the first blockchain
company to be added to the S&P/TSX Composite Index in 2021. Hut
8's team of business building technologists are believers in
decentralized systems, stewards of powerful industry-leading
solutions, and drivers of innovation in digital asset mining and
high-performance computing, with a focus on ESG alignment. Through
innovation, imagination, and passion, Hut 8 is helping to define
the digital asset revolution to create value and positive impacts
for its shareholders for generations to come.
Cautionary Statement Regarding Forward-Looking
Statements
This release contains certain "forward looking statements"
and certain "forward-looking information" as defined under
applicable Canadian securities laws. Forward-looking statements and
information can generally be identified by the use of
forward-looking terminology such as "may", "will", "should",
"expect", "intend", "estimate", "anticipate", "believe",
"continue", "plans" or similar terminology. The forward-looking
information contained herein is provided for the purpose of
assisting readers in understanding management's current
expectations and plans relating to the future. Readers are
cautioned that such information may not be appropriate for other
purposes.
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: market conditions and other factors that may
affect the Company's ability to utilize the ATM Program and the
prices at which the Company may sell Common Shares in the ATM
Program; the dilutive effect of issuances of Common Shares in the
ATM Program; future capital needs and uncertainty of additional
financing; the competitive nature of the industry; currency
exchange risks; the need for the Company to manage its planned
growth and expansion; risks related to the COVID-19 pandemic and
its impact on the Company, economic conditions and global markets;
other unforeseen events, developments, or factors causing any of
the aforesaid expectations, assumptions, and other factors
ultimately being inaccurate or irrelevant and those factors
described in greater detail in our most recent annual and interim
management's discussion and analysis, and in the "Risk Factors"
section of the prospectus supplement dated February 11, 2022 and the Company's annual
information form dated March 25,
2021, which are available at www.sedar.com,
and should be considered carefully by prospective
investors.
If any of these risks or uncertainties materialize, or if the
opinions, estimates or assumptions underlying the forward-looking
information prove incorrect, actual results or future events might
vary materially from those anticipated in the forward-looking
information. Although we have attempted to identify important risk
factors that could cause actual results to differ materially from
those contained in forward-looking information, there may be other
risk factors not presently known to us or that we presently believe
are not material that could also cause actual results or future
events to differ materially from those expressed in such
forward-looking information. There can be no assurance that such
information will prove to be accurate, as actual results and future
events could differ materially from those anticipated in such
information. No forward-looking statement is a guarantee of future
results. Accordingly, you should not place undue reliance on
forward-looking information, which speaks only as of the date made.
The forward-looking information contained in this press release
represents our expectations as of the date specified herein and are
subject to change after such date. However, we disclaim any
intention or obligation or undertaking to update or revise any
forward-looking information whether as a result of new information,
future events or otherwise, except as required under applicable
securities laws.
All of the forward-looking information contained in this
press release is expressly qualified by the foregoing cautionary
statements.
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SOURCE Hut 8 Mining Corp.