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Bluesky Digital Assets Corp., Announces the Commencement of a Non-Brokered Private Placement, the Closing of the First Tranche, Provides Update

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Toronto, Ontario--(Newsfile Corp. - November 24, 2020) - Bluesky Digital Assets Corp. (CSE: BTC) (CSE: BTC.PR.A) (OTC Pink: BTCWF) ("Bluesky" or the "Corporation") announced today that it is conducting a non-brokered private placement financing with the purpose of raising up to Nine Hundred Thousand Dollars ("$900,000.00") CDN via the issuance of up to Ten Million ("10,000,000") Units at a price of Nine Cents ("$0.09") CDN per Unit. Each Unit will consist of One Common Share (a "Share") in the capital of the Corporation and one Common Share Purchase Warrant ("Warrant"), with each Warrant entitling the holder thereof to purchase one additional Common Share of the Corporation at an exercise price of Fifteen Cents ("$0.15") CDN per Common Share for a period of 36 months from the closing of the financing. All Common Shares issued in connection with this placement will be subject to a four month plus one day hold period under applicable Canadian securities laws.

The Corporation also announced today that it had closed the first tranche of the offering. In total, Seven Hundred and Twenty-Three Thousand, Five Hundred Dollars ("$723,500.00") CDN was raised via the sale of Eight Million, Thirty-Eight Thousand, Eight Hundred and Eighty-Eight Units ("8,038,888") Units. Insiders and Directors of the Corporation have subscribed in the Offering for a total of 1,938,888 Units. The Corporation has also issued of 500,000 Stock Options in connection to the closing of the first tranche of the offering. The Stock Options will vest immediately and are exercisable at a price of $0.15 CDN per Stock Option. The Stock Options will expire three years from the date of issuance. The Stock Options were issued to a consultant to the Corporation.

All proceeds from the financing will be used for purchasing of additional Digital Asset Mining Equipment with the purpose of expanding the Corporation's existing Digital Assets Mining operations.

The Corporation further announced that the Corporation failed to achieve the minimum subscription amount of $50,000.00 CDN from its recent Rights Offering and that the Rights Offering has been terminated. As per the terms of the Rights Offering, all Rights have expired and were terminated on November 23rd, 2020 at 5:00 p.m. Eastern / Toronto time. Due to the lack of demand for the Corporation's Rights Offering, the Corporation applied for, and received, a price protection of $0.09 CDN from the CSE on November 16th, 2020 which the price protection has been applied to the Corporation's current private placement offering. The Corporation also announced today that on November 20th, 2020 that it had repriced certain existing Stock Options totaling 641,667 Stock Options. The repriced Stock Options have been set to $0.15 CDN per Stock Option. On November 20th ,2020 the Corporation also granted certain Directors and Officers of the Corporation 900,000 Stock Options at a price of $0.15 per Stock Option. The Stock Options vest immediately and expire 36 months after the issuance date.

About Bluesky Digital Assets Corp.

Bluesky Digital Assets Corp, is building a high value digital currency enterprise. Bluesky mines digital currencies, such as Bitcoin and Ether, and is developing value-added technology services for the digital currency market, such as digital mining proprietary software. Offering a complete ecosystem of value-creation, Bluesky is targeting reinvesting appropriate portions of its digital currency mining profits back into its operations. A percentage of the profit will be invested in the development of a proprietary Artificial Intelligence ("AI") based technology. Overall, Bluesky takes an approach that enables the Corporation to scale, and respond to changing conditions, within the still-emerging digital currency industry. The Corporation is poised to capture value in successive phases as this industry continues to scale. For more information, please visit www.blueskydigitalassets.com.

For further information please contact:

Mr. Ben Gelfand
CEO & Director
Bluesky Digital Assets Corp.
T: (416) 363-3833
E: ben.gelfand@blueskydigitalassets.com

Mr. Frank Kordy
Secretary & Director
Bluesky Digital Assets Corp.
T: (647) 466-4037
E: frank.kordy@blueskydigitalassets.com

Forward-Looking Statements

Information set forth in this news release may involve forward-looking statements under applicable securities laws. The forward- looking statements contained herein are expressly qualified in their entirety by this cautionary statement. The forward-looking statements included in this document are made as of the date of this document and the Corporation disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as expressly required by applicable securities legislation. Although management believes that the expectations represented in such forward-looking statements are reasonable, there can be no assurance that such expectations will prove to be correct. This news release does not constitute an offer to sell or solicitation of an offer to buy any of the securities described herein and accordingly undue reliance should not be put on such. Neither CSE nor its Regulation Services Provider (as that term is defined in the policies of the CSE accepts responsibility for the adequacy or accuracy of this release. We seek safe harbor.


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To view the source version of this press release, please visit https://www.newsfilecorp.com/release/68907