TORONTO, June 11, 2021 /CNW/ - Hut 8 Mining Corp.
(TSX: HUT) ("Hut 8" or the "Company") announced today
that it has entered into an agreement with Canaccord Genuity Corp.
("Canaccord") as lead underwriter, on behalf of itself and a
syndicate of underwriters (collectively with Canaccord, the
"Underwriters") under which the Underwriters have agreed to
purchase an aggregate of 20.0 million units (the "Offered
Units") at a price of CAD$5.00 per Offered Unit (the "Issue
Price") for aggregate gross proceeds of approximately
CAD$100.0 million (the
"Offering"). It is expected that trading of the
Company's common shares on The Nasdaq Global Select Market
("Nasdaq") will begin on or about June 15, 2021, the expected closing date of the
Offering, under the symbol "HUT".
Each Offered Unit will consist of one common share in the
capital of the Company (each a "Common Share") and one-half
of one Common Share purchase warrant (each a
"Warrant"). Each Warrant is exercisable to acquire one
Common Share (a "Warrant Share") at an exercise price of
CAD$6.25 per Warrant Share for 24
months after issuance.
In addition, Hut 8 has agreed to grant to the Underwriters an
over-allotment option (the "Over-Allotment Option")
exercisable, in whole or in part, at the sole discretion of the
Underwriters, to purchase up to an additional 3.0 million Offered
Units at the Issue Price for a period of up to 30 days after the
closing of the Offering, for potential additional gross proceeds to
Hut 8 of up to CAD$15.0 million.
The net proceeds of the Offering are anticipated to be used by
the Company: (i) to fund expansion of digital mining sites; (ii) to
expand the Company's available power capacity; (iii) to fund new
commitments to purchase additional digital mining equipment; (iv)
to fund potential strategic partnerships, joint ventures or
acquisitions; and (v) for general corporate purposes and working
capital.
The Offering is subject to certain conditions including, but not
limited to, the receipt of all necessary approvals, including the
approval of the TSX.
The Offering is being made by way of a preliminary prospectus
supplement dated June 11, 2021 (the
"Prospectus Supplement") to the Company's existing Canadian
short form base shelf prospectus (the "Base Shelf
Prospectus") and related United States registration
statement on Form F-10 (SEC File No. 333-254059) (the
"Registration Statement"). The Prospectus Supplement has
been filed with the securities commissions in each of the provinces
and Territories of Canada as well
as the United States Securities and Exchange Commission (the
"SEC"). The Canadian Prospectus Supplement (together with
the related Canadian Base Shelf Prospectus) is available on SEDAR
at www.sedar.com. The United States Prospectus Supplement (together
with the United States Base Shelf Prospectus and the
Registration Statement) is available on the SEC's website at
www.sec.gov. Alternatively, the Prospectus Supplement may be
obtained upon request by contacting the Corporate Secretary of the
Company at 130 King Street West, Suite 1800, Toronto, Ontario, M5X 2A2 or Canaccord Genuity
LLC, Attention: Syndicate Department, 99 High Street, 12th Floor,
Boston, MA 021990, by email at
prospectus@cgf.com.
This press release does not constitute an offer to sell or the
solicitation of an offer to buy securities, nor will there be any
sale of the securities 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.
The securities being offered have not been approved or disapproved
by any regulatory authority, nor has any such authority passed upon
by the accuracy or adequacy of the Prospectus Supplement, the Base
Shelf Prospectus or the Registration Statement.
About Hut 8 Mining Corp.
Hut 8 is one of North America's
oldest, largest and innovation-focused bitcoin miners. Hut 8 has
one of the highest installed capacity rates in the industry and is
#1 globally in held, self-mined Bitcoin of any crypto miner or
publicly traded company. Recently ranked 11th (of 10,000) on the
2021 OTCQX® Best 50, and the first publicly traded miner on the
TSX, the Hut 8 leadership team is continually looking for ways to
accelerate innovation in high performance computing and
the blockchain ecosystem. We are stewards of powerful,
industry-leading solutions, and drivers of innovation in digital
asset mining and high-performance computing. Hut 8 applies a growth
mindset to our revenue diversification, ESG and carbon footprint
reduction strategy. We are a company committed to growing
shareholder value regardless of #BTC market direction.
#HodltheHut.
Cautionary Statement Regarding Forward-Looking
Statements
This release contains certain "forward looking statements"
and certain "forward-looking information" as defined under
applicable Canadian and United
States 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 statements and information include, but
are not limited to, statements with respect to, the use of proceeds
from the Offering, the closing of the Offering, the expected timing
of the listing of the Common Shares on the Nasdaq and the ability
to obtain the necessary regulatory approvals.
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 Company's Prospectus Supplement.
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 nor its Regulation Services Provider (as that
term is defined in the policies of the TSX) accepts responsibility
for the adequacy or accuracy of this release.
www.hut8mining.com
SOURCE Hut 8 Mining Corp.