HIVE Blockchain Announces $110,020,000 Bought Deal Private Placement Financing to expand BTC production by an additional One Exahash per second in the Summer 2022
HIVE Blockchain Technologies Ltd. is pleased to announce that it has entered into an agreement with Stifel GMP as lead underwriter and sole bookrunner to include a syndicate of underwriters, whereby the Underwriters will purchase, on a bought-deal basis, 16,670,000 special warrants of the Company at a price of $6.00 per Special Warrant for aggregate gross proceeds to the Company of $100,020,000. The completion of the Offering will be subject to receipt of all necessary regulatory and corporate approvals or consents.
The Company will grant the Underwriters an option to increase the size of the Offering by up to an additional 15% of the Special Warrants sold under the Offering, exercisable in whole or in part, at any time and from time to time up to 48 hours prior to the Closing Date (as hereinafter defined).
Each Special Warrant shall entitle the holder thereof to receive, subject to adjustment in certain circumstances and the Penalty Provision (as defined below), and without payment of additional consideration, one unit of the Company upon the exercise or deemed exercise of each Special Warrant. Each Unit shall consist of one common share of the Company and one-half (0.5) of one common share purchase warrant. Each Warrant will entitle the holder thereof to purchase one common share of the Company at a price of $6.00 per Warrant Share for a period of 36 months following the closing of the Offering. The Special Warrants will be exercisable by the holders thereof at any time after the Closing Date for no additional consideration. All unexercised Special Warrants shall be deemed exercised on behalf of, and without any required action on the part of, the holders on the earlier of:
The Company anticipates the net proceeds of the Offering will be used for a program of data centre development and miner / ASIC acquisition to increase hashrate by on one Exahash per second, working capital requirements and other general corporate purposes.
In consideration for their services, the Underwriters will receive a cash commission equal to 6% of the gross proceeds of the Offering.
The securities described herein have not been, and will not be, registered under the United States Securities Act of 1933, as amended (the “U.S. Securities Act”), or any state securities laws, and accordingly, may not be offered or sold within the United States except in compliance with the registration requirements of the U.S. Securities Act and applicable state securities requirements or pursuant to exemptions therefrom. This press release does not constitute an offer to sell or a solicitation to buy any securities in any jurisdiction.
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