TORONTO, Sept. 15, 2021 /CNW/ - Hut 8 Mining
Corp. (Nasdaq: HUT) (TSX: HUT) ("Hut 8" or the
"Company") today announced the pricing of its previously
announced underwritten public offering in the United States and Canada (the "Offering").
The Company has agreed to sell to the underwriters (the
"Underwriters") 17,550,000 common shares (the "Common Shares") at a
price of US$8.55 per share
resulting in total gross proceeds to the Company of US$150,052,500.
The Offering is expected to close on September 17, 2021 subject to customary closing
conditions, including approvals of the NASDAQ Stock Exchange and
the Toronto Stock Exchange.
In addition, the Company has granted the Underwriters an
over-allotment option, exercisable for a period of 30 days from the
date of the closing of the Offering, to purchase up to 2,632,500
additional Common Shares, representing 15% of the total number of
common shares to be sold pursuant to the Offering.
The Company anticipates the net proceeds of the Offering will be
used 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 is acting as the Sole Bookrunner for the
Offering and Stifel GMP and Craig-Hallum are acting as Co-Managers
for the Offering.
In connection with the Offering, the Company filed a preliminary
prospectus supplement, and a final prospectus supplement will also
be filed, 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 preliminary prospectus
supplement, and will file a final prospectus supplement, to its
base shelf prospectus with the securities regulatory authorities in
each of the provinces and territories of Canada. The Offering will be made in
the United States only by means of
the registration statement, including the base shelf prospectus and
applicable prospectus supplement and in Canada only by means of the base shelf
prospectus and applicable prospectus supplement. Such documents
contain important information about the Offering. Copies of,
the registration statement and the preliminary prospectus
supplement can and will be found on EDGAR at www.sec.gov and copies
of the base shelf prospectus and the applicable prospectus
supplement can and will 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.
Prospective investors should read the base shelf prospectus and
the prospectus supplement as well as the registration statement
before making an investment decision.
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 statements and information include, but
are not limited to, statements with respect to pricing of the
Offering and its completion.
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: there being insufficient investor demand for
the Offering; economic and market conditions being conducive to the
Offering on the timeline currently anticipated or at all;
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; the failure of
the Company and/or the underwriters to satisfy closing conditions
to the Offering; 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 14, 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.
