TORONTO, March 10,
2023 /PRNewswire/ -- Hut 8 Mining Corp. (Nasdaq
| TSX: HUT) ("Hut 8" or the "Company"), one of North America's largest, innovation-focused
digital asset mining pioneers, and high performance computing
infrastructure provider, is pleased to announce that it has
received a no–action letter from the Competition Bureau of
Canada ("Competition Bureau") in
respect of the Company's previously announced proposed business
combination pursuant to which Hut 8 and U.S. Data Mining Group,
Inc. dba US Bitcoin Corp. ("USBTC") will combine in an all-stock
merger of equals (the "Transaction"). The no-action letter confirms
that the Competition Bureau does not, at this time, intend to
challenge the Transaction before the Competition Tribunal under the
merger provisions under the Competition Act.
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"As we continue to work towards closing the proposed transaction
with USBTC, the issuance of this no-action letter is a positive
development as it satisfies the Competition Act Approval condition
in the business combination agreement. We appreciate the
Competition Bureau's professionalism throughout its review
process," said Jamie Leverton, CEO
of Hut 8.
Completion of the Transaction remains subject to the remaining
regulatory approvals, shareholder approval, court approval, and
other customary closing conditions of the Transaction.
About Hut 8
Hut 8 is one of North America's
largest innovation-focused digital asset miners, led by a team of
business-building technologists, bullish on bitcoin, blockchain,
Web 3.0 and bridging the nascent and traditional high performance
computing worlds. With two operational digital asset mining sites
located in Southern Alberta, Hut 8
has one of the highest capacity rates in the industry and one of
the highest inventories of self-mined Bitcoin of any digital asset
miner or publicly-traded company globally. With over 36,000 square
feet of geo-diverse data centre space and cloud capacity connected
to electrical grids powered by significant renewables and
predominantly emission-free sources, Hut 8 is revolutionizing
conventional assets to create the first hybrid data centre model
that serves both the traditional high performance compute (Web 2.0)
and nascent digital asset computing sectors, blockchain gaming, and
Web 3.0. Hut 8 was the first Canadian digital asset miner to list
on the Nasdaq Global Select Market. 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.
FORWARD-LOOKING INFORMATION
This press release includes "forward-looking information" and
"forward-looking statements" within the meaning of Canadian
securities laws and United States
securities laws, respectively (collectively, "forward-looking
information"). All information, other than statements of historical
facts, included in this press release that address activities,
events or developments that the Company expects or anticipates will
or may occur in the future, including such things as future
business strategy, competitive strengths, goals, expansion and
growth of the Company's businesses, operations, plans and other
such matters is forward-looking information. Forward-looking
information is often identified by the words "may", "would",
"could", "should", "will", "intend", "plan", "anticipate",
"believe", "estimate", "expect" or similar expressions. In
addition, any statements that refer to expectations, projections or
other characterizations of future events or circumstances contain
forward-looking information. Specifically, such forward-looking
information included in this press release include, but are not
limited to, statements with respect to the ability of Hut 8 and
USBTC to complete the Transaction, including, receipt of required
regulatory approvals, shareholder approvals, court approvals, stock
exchange approvals and satisfaction of other closing customary
conditions of the Transaction.
Statements containing forward-looking information are not
historical facts, but instead represent management's expectations,
estimates and projections regarding future events based on certain
material factors and assumptions at the time the statement was
made. Material assumptions include: assumptions regarding the level
of demand and financial performance of the digital asset industry;
the ability to obtain requisite approvals (including shareholder,
stock exchange, regulatory, and court approvals) and the
satisfaction of other conditions to the consummation of the
Transaction on the proposed terms or at all and the anticipated
timeline for the completion of the Transaction. 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. For a complete list of
the factors that could affect the Company, please see the "Risk
Factors" section of the Company's Annual Information Form dated
March 9, 2023, in the "Risks and
Uncertainties" section of the Company's Management's Discussion and
Analysis for the year ended December 31,
2022 and Hut 8's other continuous disclosure documents which
are available on Company's website at www.hut8.io, under the
Company's SEDAR profile at www.sedar.com and under the Company's
EDGAR profile at www.sec.gov.
These factors are not intended to represent a complete list of
the factors that could affect Hut 8 or its business; however, these
factors should be considered carefully. There can be no assurance
that such estimates and assumptions will prove to be correct.
Should one or more of these risks or uncertainties materialize, or
should assumptions underlying the forward-looking statements prove
incorrect, actual results may vary materially from those described
in this press release as intended, planned, anticipated, believed,
sought, proposed, estimated, forecasted, expected, projected or
targeted and such forward-looking statements included in this press
release should not be unduly relied upon. The impact of any one
assumption, risk, uncertainty, or other factor on a particular
forward-looking statement cannot be determined with certainty
because they are interdependent and Hut 8's future decisions and
actions will depend on management's assessment of all information
at the relevant time. The forward-looking statements contained in
this press release are made as of the date of this press release,
and Hut 8 expressly disclaims any obligation to update or alter
statements containing any forward-looking information, or the
factors or assumptions underlying them, whether as a result of new
information, future events or otherwise, except as required by
law.
Investor contact: Sue Ennis, sue@hut8.io; Media
contact: Yamini Coen, yamini.coen@hut8.io
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