Home » Hut 8 signs support agreement with Macquarie

Hut 8 signs support agreement with Macquarie

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Hut 8 signs support agreement with Macquarie

TORONTO, Canada (OTS/PRNewswire) – Die Hut 8 Mining Corp. (Nasdaq: Hut) (TSX: HUT), (“Hut 8” or the “Company”) , one of the largest innovation-driven digital asset mining pioneers in the United States and provider of high-performance computing infrastructure, today announced it has entered into a transaction support agreement (the “Support Agreement”) with Macquarie Equipment Finance Ltd. (“Macquarie”), a subsidiary of global financial services group Macquarie Group Limited. This is for the benefit of being able to sell certain assets from Validus Power Corp. (“Validus”) and Validus’ subsidiaries (collectively, the “Validus Entities”). Validus was previously a power utility for the Company’s mining facility in North Bay, Ontario. Macquarie is a secured creditor to Validus Entities under an existing secured lease and participation agreement.

Pursuant to an order of the Ontario Superior Court of Justice (Commercial List) (the “Court”), dated August 10, 2023, KSV Restructuring Inc. (“KSV”), a licensed bankruptcy trustee with extensive experience in accounts receivable, was appointed at the request of Macquarie appointed recipient of the property, assets and businesses of Validus Entities (KSV in that capacity, the “Recipient”).

Subject to the satisfaction of certain conditions, a so-called stalking pants bid (the “Stalking Pants Bid”) is to be submitted to the Recipient in support of a proposed sale and investment proposal to be made in respect of the Validus Entities.

It is anticipated that a stalking pants bid, if successful, will result in the full and final resolution of all litigation and counterclaims currently pending between Hut 8 and the designated Validus Entities. Further details regarding each stalking pants bid will be provided as to whether and how the terms justify it, including acceptance of a stalking pants bid by the recipient and approval of the court.

Information about hat 8

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Through innovation, imagination and passion, Hut 8’s experienced leadership team is committed to building and operating a computing infrastructure that supports bitcoin mining, traditional data centers and emerging technologies such as AI and machine learning. Hut 8’s infrastructure portfolio includes seven locations: Five high-performance computing data centers in British Columbia and Ontario offering cloud services, co-location, managed services, AI, machine learning and VFX rendering computing solutions , as well as two bitcoin mining sites located in southern Alberta. Hut 8 has long been highly regarded for its unique treasury strategy and has one of the highest holdings of home-mined Bitcoin of any publicly traded company in the world. Follow us on X (formerly Twitter) at @Hut8Mining.

Cautionary Statement Regarding Forward-Looking Information

This press release contains “forward-looking information” and “forward-looking statements” within the meaning of the Canadian securities laws and the United States securities laws (collectively, “Forward-Looking Information”). Any information contained in this press release that relates to activities, events or developments that the Company anticipates will occur in the future, including future business strategies, competitive strengths, goals, expansion and growth of the Company’s businesses, operations, plans and other such matters, to the extent that they are not statements of historical fact, are forward-looking information. Forward-looking information is often identified by terms such as “may”, “would”, “could”, “should”, “will”, “intend”, “plan”, “expect”, “allow”, “believe”, “estimate” , “anticipates”, “forecasts”, “may”, “potential”, “anticipates”, “anticipates”, “likely” or similar expressions. In addition, all statements in this press release that address expectations, forecasts or other characterizations of future events or circumstances contain forward-looking information. These include, but are not limited to, statements regarding the timing and completion (if any) of any stalking pants bid, the timing and completion (if any) of any proposed sale and investment solicitation process, and the timing of the process with respect to the recipient and the anticipated resolution of litigation between Hut 8 and certain Validus Entities.

Statements that contain forward-looking information are not historical facts but rather represent management’s expectations, estimates and projections regarding future events based on certain material factors and assumptions at the time the statement is made. While Hut 8 believes these statements to be reasonable as of the date of this press release, they are subject to known and unknown risks, uncertainties, assumptions and other factors that could cause actual results, levels of activity, performance or achievements to differ materially from those described in these any forward-looking information expressed or implied, including, but not limited to, security and cybersecurity threats and hacks, malicious actors or botnets gaining control over the computing power of the bitcoin network, further development and adoption of the bitcoin network, Changes in Bitcoin mining difficulty, loss or destruction of private keys, increases in fees for recording transactions on the blockchain, erroneous transactions, reliance on a limited number of key personnel, reliance on third-party mining pool providers , regulatory changes, classification and tax changes, the risk of momentum prices, fraud and failures related to digital asset exchanges, difficulties in obtaining banking services and financing, difficulties in obtaining insurance, permits and licenses, internet and Power disruptions, geopolitical events, uncertainty in the evolution of cryptographic and algorithmic protocols, uncertainty in the acceptance or widespread use of digital assets, failure to anticipate technological innovation, the COVID19 pandemic, climate change, currency risk, market demand changes, network changes and infrastructure, system disruptions, changes in lease agreements, failure to achieve intended benefits of power purchase agreements, potential disruption or suspension of power supply to the Company’s mining sites and other risks associated with the digital assets and data center business. For a complete list of factors that could affect the Company, please refer to the “Risk Factors” section of the Company’s annual information form dated March 9, 2023, as well as Hut 8’s other ongoing disclosure documents contained in the Company’s profile under the of the “System For Electronic Document Analysis and Retrieval”. www.sedar.com and the “EDGAR” section of the US Securities and Exchange Commission’s website at www.sec.gov Are available.

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Questions & contact:

Contact:
Hut 8 Investor Relations: Sue Ennis,[email protected]; Hut 8 Media Relations: Erin Dermer, [email protected]
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