Benzinga | Sep 14, 2021 04:07PM EDT

Hut 8 Mining Announces Proposed Public Offering; Size, Price Not Disclosed

Hut 8 Mining Corp. (NASDAQ:HUT) (TSX:HUT) ("Hut 8" or the "Company") today announced the launch of a proposed underwritten public offering in the United States and Canada (the "Offering").

The Offering is expected to be priced in the context of the market, with the final terms of the Offering to be determined at the time of pricing. There can be no assurance as to whether or when the Offering may be completed, or as to the actual size or terms of the Offering. The closing of the Offering will be subject to market and other customary conditions, including approvals of the NASDAQ Stock Exchange and the Toronto Stock Exchange.

In addition, the Company intends to grant the underwriters a 30-day option to purchase up to an additional 15% of the shares offered in the proposed Offering on the same terms and conditions.

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.

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.