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SERVICES OR DISSEMINATION IN THE UNITED
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VANCOUVER, BC and BIRKIRKARA, Malta, Feb. 19,
2021 /CNW/ - Butte Energy Inc. (TSXV: BEN.H) (the
"Company" or "Genesis Mining Technologies") (being
renamed Genesis Mining Technologies Corp.) is pleased to report
that its non-brokered private placement of subscription receipts
("Subscription Receipts"), as previously announced on
February 12, 2021 (the "Private Placement"), has
been increased to a total of 55 million Subscription Receipts at a
price of C$1.00 per Subscription
Receipt for gross proceeds of C$55,000,000, subject to the approval of the TSX
Venture Exchange (the "Exchange").
The Private Placement is fully subscribed, and funds will be
held in escrow until the closing of the business combination
transaction with Genesis Group Limited previously announced on
February 12, 2021 (the "Transaction"). A finder's
fee of up to 6% of gross proceeds of the Private Placement will be
paid in cash to certain finders at closing of the Transaction.
"Our vision is to bring our nearly decade of experience,
know-how, and most importantly proprietary technology, to the
growing yet under-served ecosystem of crypto mining farm operators.
There are few companies in the world that have the level of
experience profitably mining cryptocurrency that we have. We're
pleased but not surprised to see that investors value our
experience and are excited about this opportunity," said
Tillmann Korb, incoming Chief
Executive Officer of the Company.
"While the future of the world seems more unclear than ever
these days, we strongly believe the future will be decentralized.
We believe miners will be the backbone powering this revolution and
are excited to provide them with a suite of solutions to help them
do so as efficiently as possible," said Marco Streng, Founder and CEO of Genesis Mining
Group and incoming Chairman of the Company.
For corporate updates, please register for our mailing
list at genesis.tech.
Completion of the transaction is subject to a number of
conditions, including but not limited to, Exchange acceptance and
if applicable, disinterested shareholder approval. Where
applicable, the transaction cannot close until the required
shareholder approval is obtained. There can be no assurance that
the transaction will be completed as proposed or at all.
Investors are cautioned that, except as disclosed in the
management information circular or filing statement to be prepared
in connection with the Transaction, any information released or
received with respect to the Transaction may not be accurate or
complete and should not be relied upon. Trading in the securities
of the Company should be considered highly speculative.
The Exchange has in no way passed upon the merits of the
Transaction and has neither approved nor disapproved the contents
of this news release. Neither the Exchange nor its Regulation
Services Provider (as that term is defined in policies of the
Exchange) accepts responsibility for the adequacy or accuracy of
this news release.
ON BEHALF OF Butte Energy Inc.
(to be renamed GENESIS MINING TECHNOLOGIES CORP.)
"Geir Liland"
CEO and Director
Forward-Looking Information
Except for the statements of historical fact, this news
release contains "forward-looking information" within the meaning
of the applicable securities legislation that is based on
expectations, estimates and projections as at the date of this news
release. "Forward-looking information" in this news release
includes statements about completion of the Transaction,
Consolidation, Financing and Name Change; the business model, goals
and objectives of the Company, and other forward-looking
information includes but is not limited to information concerning
the intentions, plans and future actions of the parties to the
transactions described herein and the terms thereon.
Factors that could cause actual results to differ materially
from those described in such forward-looking information include,
but are not limited to, risks related to the Company's ability
complete the Transaction, Consolidation, Financing and Name Change,
including obtaining approval from the Exchange and the Company's
shareholders, if required; the cryptocurrency market generally; and
the ongoing effects of the COVID-19 pandemic.
The forward-looking information in this news release reflects
the current expectations, assumptions and/or beliefs of the Company
based on information currently available to the Company. In
connection with the forward-looking information contained in this
news release, the Company has made assumptions about the Company's
ability to complete the Transaction, Consolidation, Financing and
Name Change; historical prices of cryptocurrencies and the ability
of the Company to mine cryptocurrencies and there will be no
regulation or law that will prevent the Company from operating its
business. The Company has also assumed that no significant events
occur outside of the Company's normal course of business. Although
the Company believes that the assumptions inherent in the
forward-looking information are reasonable, forward-looking
information is not a guarantee of future performance and
accordingly undue reliance should not be put on such information
due to the inherent uncertainty therein.
Any forward-looking information speaks only as of the date on
which it is made and, except as may be required by applicable
securities laws, the Company disclaims any intent or obligation to
update any forward-looking information, whether as a result of new
information, future events or results or otherwise.
SOURCE Butte Energy Inc.