TORONTO, Sept. 17, 2021 /CNW/ - Hut 8 Mining Corp.
(Nasdaq: HUT) (TSX: HUT) ("Hut 8" or the
"Company") today announced the closing of its previously
announced underwritten public offering of common shares (the
"Common Shares") in the United
States and Canada (the
"Offering").
The Company sold 20,182,500 Common Shares including the full
exercise of the underwriters' option to purchase an additional
2,632,500 Common Shares. The Common Shares were offered to
the public at a price of US$8.55 per share resulting in total gross
proceeds to the Company of US$172,560,375.
The Company intends to use the net proceeds of the Offering to
support the growth of its business including to fund capital
investments in digital assets mining equipment to increase mining
capacity, for working capital and other general corporate purposes
and potentially for strategic partnerships, joint ventures, or
acquisitions.
Canaccord Genuity acted as the Sole Bookrunner for the Offering
and Stifel GMP and Craig-Hallum acted as Co-Managers for the
Offering.
In connection with the Offering, the Company filed a prospectus
supplement dated September 15, 2021
with the U.S. Securities and Exchange Commission as a supplement to
the base shelf prospectus included in the Company's effective
registration statement on Form F-10 (SEC File No.
333-254059) under the U.S.-Canada multijurisdictional disclosure system
(MJDS). The Company also filed a prospectus supplement dated
September 15, 2021, to its base shelf
prospectus with the securities regulatory authorities in each of
the provinces and territories of Canada. The Offering was made in the United States by means of the registration
statement, including the base shelf prospectus and prospectus
supplement and in Canada by means
of the base shelf prospectus and prospectus supplement. Such
documents contain important information about the
Offering. Copies of, the registration statement and the
prospectus supplement can be found on EDGAR at www.sec.gov and
copies of the base shelf prospectus and prospectus supplement can
be found on SEDAR at www.sedar.com. Copies of such documents
may also be obtained from any of the following
sources: Canaccord Genuity LLC, Attention: Syndicate
Department, 99 High Street, 12th Floor, Boston MA 021990, by email at
prospectus@cgf.com; or by contacting the Corporate Secretary of the
Company at Suite 500, 24 Duncan Street, Toronto, Ontario, Canada, M5V 2B8, by email at
info@hut8mining.com.
No securities regulatory authority has either approved or
disapproved the contents of this press release. This press release
shall not constitute an offer to sell or the solicitation of an
offer to buy nor shall there be any sale of the common shares in
any province, state or jurisdiction in which such offer,
solicitation or sale would be unlawful prior to the registration or
qualification under the securities laws of any such province, state
or jurisdiction.
About Hut 8 Mining Corp.
Hut 8 is one of North America's
largest innovation-focused digital asset miners, supporting open
and decentralized systems since 2018. Located in energy rich
Alberta, Canada, Hut 8 has one of
the highest installed capacity rates in the industry and holds more
self-mined Bitcoin than any crypto miner or publicly traded company
globally. Hut 8 is executing on its commitment to mining and
holding Bitcoin and has a diversified business and revenue strategy
to grow and protect shareholder value regardless of Bitcoin's
market direction. The Company's multi-pronged business strategy
includes profitable digital asset mining, white-label
high-performance compute hosting, as well as yield & income
programs leveraging its Bitcoin held in reserve. Having
demonstrated rapid growth and a stellar balance sheet, Hut 8 was
the first publicly traded miner on the TSX and the first Canadian
miner to be listed on The Nasdaq Global Select Market. 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 and 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: fluctuations in the market price of the
Company's common shares; 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 September 15, 2021 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.