Hut 8 Mining Corp. 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 email@example.com; or by contacting the Corporate Secretary of the Company at Suite 500, 24 Duncan Street, Toronto, Ontario, Canada, M5V 2B8, by email at firstname.lastname@example.org.
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.