/NOT FOR DISTRIBUTION TO U.S. NEWS WIRE
SERVICES OR DISSEMINATION IN THE UNITED
STATES/
ZUG, Switzerland and
VANCOUVER, Dec. 18, 2017 /CNW/ - HIVE Blockchain
Technologies Ltd. (TSX.V:HIVE) (the "Company" or "HIVE"), the
leading publicly listed blockchain infrastructure company, is
pleased to announce that it has closed the first tranche ("First
Tranche") of its previously announced private placement of up to
C$115 million (the "Offering") co-led
by GMP Securities L.P. and Eventus Capital Corp. and including
Haywood Securities Inc. and PI Financial Corp. (collectively, the
"Agents"). The First Tranche consisted of a total of 15,873,100
units (the "Units") sold at a price of C$3.15 per Unit for gross proceeds raised of
C$50,000,265. Each Unit consists of
one common share (a "Share") and one Share purchase warrant (a
"Warrant"), with each Warrant entitling the holder to purchase one
Share at a price of $3.90 until
November 14, 2019. The Shares and the
Warrants issued under the First Tranche are subject to a hold
period expiring April 19, 2018. The
Company anticipates that the Warrants will be listed on the TSX
Venture Exchange (the "Exchange") shortly after the hold period
expires, subject to meeting the conditions in Exchange approval. In
connection with the First Tranche, the Agents received a cash
commission equal to 6% of the gross proceeds raised in the First
Tranche.
![HIVE Blockchain Technologies Ltd. (CNW Group/HIVE Blockchain Technologies Ltd.) HIVE Blockchain Technologies Ltd. (CNW Group/HIVE Blockchain Technologies Ltd.)](https://mma.prnewswire.com/media/620653/HIVE_Blockchain_Technologies_Ltd__HIVE_Blockchain_Closes__50_Mil.jpg)
The final closing of the Offering of up to an additional of
$65 million (the "Final Tranche") is
expected to be December 29, 2017.
Closing of the Final Tranche is subject to certain conditions
typical for a transaction of this nature and the receipt of all
necessary regulatory approvals, including the approval of the
Exchange.
The net proceeds of the Offering are expected to be used to fund
the completion of the Sweden Bitcoin Data Centre and the Phase 3
Expansion at the Sweden GPU Data Centre (as described in the
Company's December 13, 2017 news
release), and for general working capital purposes.
About HIVE Blockchain Technologies Ltd.
HIVE Blockchain Technologies Ltd. is a growth oriented,
TSX.V-listed company building a bridge from the blockchain sector
to traditional capital markets. HIVE is strategically partnered
with Genesis Mining Ltd. to build the next generation of blockchain
infrastructure. HIVE owns state-of-the-art GPU-based digital
currency mining facilities in Iceland, which produce newly minted virgin
digital currency like Ethereum around the clock, and is in the
midst of a major expansion of operations into Sweden.
For more information and to register to HIVE's mailing list,
please visit www.HIVEblockchain.com. Follow @HIVEblockchain on
Twitter and subscribe to HIVE's YouTube channel.
On Behalf Of HIVE Blockchain Technologies Ltd.
"Harry Pokrandt"
President, CEO and Director
Neither the TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in policies of the TSX Venture
Exchange) accepts responsibility for the adequacy or accuracy of
this news release.
Forward-Looking Information
Except for the statements of historical fact, this news
release contains "forward-looking information" within the meaning
of the applicable Canadian securities legislation that is based on
expectations, estimates and projections as at the date of this news
release. "Forward-looking information" in this news release
includes information about the expansion of the Company's digital
currency mining operations in Sweden (including into Bitcoin and Bitcoin
Cash mining); the quantum and closing of the second tranche of the
Offering; the business goals and objectives of the Company, and
other forward-looking information includes but is not limited to
information concerning the intentions, plans and future actions of
the parties to the transactions described herein and the terms
thereon.
Factors that could cause actual results to differ materially
from those described in such forward-looking information include,
but are not limited to, the expansion of digital currency mining
operations in Sweden (including
construction of planned facilities) may not occur as currently
planned, or at all; the second tranche of the Offering may not
close on the terms and timing anticipated, or at all; the Exchange
may not approve the transactions the Company has applied for; the
quantum of computational power and electrical consumption expected
by the Company in Sweden may not
materialize as currently anticipated, or at all; the digital
currency market; the Company's ability to successfully mine digital
currency; a decline in digital currency prices may have a
significant negative impact on the Company's operations; the
volatility of digital currency prices; and other related risks as
more fully set out in the Filing Statement of the Company dated
September 13, 2017.
The forward-looking information in this news release reflects
the current expectations, assumptions and/or beliefs of the Company
based on information currently available to the Company. In
connection with the forward-looking information contained in this
news release, the Company has made assumptions about the Company's
ability to complete of its expansion of digital currency operations
in Sweden; the Company's ability
to close the second tranche of the Offering, including obtaining
Exchange approval; Genesis' participation in the Offering; the
Company's ongoing partnership with Genesis; historical prices of
digital currencies and the ability of the Company to mine digital
currencies will be consistent with historical prices; and there
will be no regulation or law that will prevent the Company from
operating its business. The Company has also assumed that no
significant events occur outside of the Company's normal course of
business. Although the Company believes that the assumptions
inherent in the forward-looking information are reasonable,
forward-looking information is not a guarantee of future
performance and accordingly undue reliance should not be put on
such information due to the inherent uncertainty therein.
Any forward-looking information speaks only as of the date on
which it is made and, except as may be required by applicable
securities laws, the Company disclaims any intent or obligation to
update any forward-looking information, whether as a result of new
information, future events or results or otherwise.
SOURCE HIVE Blockchain Technologies Ltd.