THIS PRESS RELEASE CONSTITUTES A “DESIGNED PRESS RELEASE” FOR THE PURPOSES OF SUPPLEMENTING THE COMPANY’S PROSPECTUS DATED SEPTEMBER 2, 2022 TO THE AMENDED AND REFORMED SHORT FORM BASE PROSPECTUS DATED JANUARY 4, 2022
VANCOUVER, British Columbia, September 02, 2022 (GLOBE NEWSWIRE) — Hive Blockchain Technologies Ltd. (“BEEHIVE” or the “company“) BEEHIVEBEEHIVEHBFA)) is pleased to announce that there has been an agreement to offer on the market (the “ATM agreement“) with H.C. Wainwright & Co. (the “agent“).
At-the-Market offering
Pursuant to the ATM Agreement, the Company and the Agent operate an “in the market” stock offering program under which the Agent may from time to time issue and sell such number of common shares of the Company (the “common shares“) with an aggregate offer price of up to $100 million (the “ATM Stock Program“). A cash commission of 3.0% on total gross proceeds generated under the ATM Equity Program will be paid to the Agent in connection with its services. The Company intends to use the net proceeds of the ATM Equity Program, if any, To be used primarily to support the growth and development of the Company’s existing mining operations, working capital and general corporate purposes. In addition, the Company wishes to be able to take advantage of opportunities that may exist or that are brought to its attention in connection with emergencies are mining equipment asset sales across the mining ecosystem.
Because the common shares are issued at the dealing prices prevailing at the time of sale, prices may vary between purchasers during the distribution period. The volume and timing of sales, if any, will be determined at the sole discretion of management and in accordance with the terms of the ATM Agreement. To date, no common shares have been issued by the Company pursuant to the ATM Agreement.
The sale of common stock, if any, under the ATM equity program is expected to be in transactions…
