Digihost Provides Update on Proposed Private Placement
March 08 2021 - 7:16PM
Digihost Technology Inc. (“
Digihost” or the
“
Company”) (TSXV: DGHI; OTCQB: HSSHF) announces
that it will not be proceeding with the proposed non-brokered
private placement of units of the Company (the
“
Offering”), which was announced on February 23,
2021. Given the recent volatility in trading activity, the Company
has decided not to proceed with the Offering at this time, but may
consider a non-brokered private placement at a later date with
revisions to the number of units and the price per unit.
Michel Amar, the Company’s CEO, stated: “We
remain focused on our mining operations at our highly efficient
mining facility, and continue to be excited by the general strength
of the blockchain sector. The Company is pleased with its increase
to its hashrate to approximately 189 Petahash last month, and
believe we are well positioned to maintain our strong Bitcoin
mining operations. We remain dedicated to our ongoing efforts to
continue to increase our hashrate, and our team is committed to
evaluating every opportunity to create value for the Company and
the shareholders through continued investment in, and expansion of,
our productive asset base.”
About Digihost Technology
Inc.
Digihost Technology Inc. is a growth-oriented
blockchain company primarily focused on Bitcoin mining. The
Company's mining facility is located in Buffalo, N.Y., and is
equipped with an 18.7MVA 115,000-kilovolt-ampere outdoor substation
with an option to increase the power output to 42MVA. The Company
is currently mining approximately 1.2 Bitcoins per day, subject to
difficulty. Digihost’s strategy is to focus on continually
increasing its hashrate with a concurrent reduction in energy
costs.
For further information, please contact:
Digihost Technology
Inc.www.digihost.caMichel Amar, Chief
Executive OfficerEmail: michel@digihost.ca
Cautionary Statement
Trading in the securities of the Company should
be considered highly speculative. No stock exchange, securities
commission or other regulatory authority has approved or
disapproved the information contained herein. Neither the TSX
Venture Exchange nor its Regulation Services Provider (as that term
is defined in the policies of the TSX Venture Exchange) accepts
responsibility for the adequacy or accuracy of this release.
Forward-Looking
StatementsExcept 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 potential further improvements
to profitability and efficiency across mining operations, potential
for the Company’s long-term growth, and the business goals and
objectives of the Company. Factors that could cause actual results
to differ materially from those described in such forward-looking
information include, but are not limited to: continued effects of
the COVID19 pandemic may have a material adverse effect on the
Company’s performance as supply chains are disrupted and prevent
the Company from operating its assets; a decrease in cryptocurrency
pricing, volume of transaction activity or generally, the
profitability of cryptocurrency mining; further improvements to
profitability and efficiency may not be realized; the digital
currency market; the Company’s ability to successfully mine digital
currency on the cloud; the Company may not be able to profitably
liquidate its current digital currency inventory, or at all; 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 Annual Information Form of the Company and other documents
disclosed under the Company’s filings at www.sedar.com. 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 current
profitability in mining cryptocurrency (including pricing and
volume of current transaction activity); profitable use of the
Company’s assets going forward; the Company’s ability to profitably
liquidate its digital currency inventory as required; historical
prices of digital currencies and the ability of the Company to mine
digital currencies on the cloud 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.
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