Toronto, Ontario--(Newsfile Corp. - April 30, 2019) - Hut 8 Mining Corp. (TSXV: HUT) (OTCQX: HUTMF) ("Hut 8" or the "Company"), one of the world's largest public cryptocurrency mining companies by operating capacity and market capitalization, announced today the Company will not be in a position to file its financial statements, management's discussion and analysis and related officer certifications for the financial year ended December 31, 2018 (collectively, the "Annual Filings") prior to the April 30, 2019 filing deadline under National Instrument 51-102 - Continuous Disclosure Obligations and National Instrument 52-109 - Certification of Disclosure in Issuers Annual and Interim Filings.
The Company has appointed Dale Matheson Carr-Hilton Labonte LLP, Chartered Professional Accountants, as its auditor and the audit of the Company's Annual Filings is ongoing. The board of directors and management of the Company are working expeditiously to meet the Company's obligations relating to the finalization of the Annual Filings.
The Company anticipates that it will be in a position to finalize and issue its financial statements and related disclosures no later than May 6, 2019. The Company does not anticipate any delay in filing its interim financial statements, management's discussion and analysis, and the related officer certifications for the financial period ended March 31, 2019.
The reason for the default as communicated by the auditors of the Company this afternoon is due to timing constraints to properly interpret and reconcile certain analysis and information provided by a specialist to the auditors on the Company's internal controls and systems related to the operations of the Company. The Company confirms that there are no insolvency proceedings against it as of the date of this press release. The Company also confirms that there is no other material information concerning the affairs of the Company that has not been generally disclosed as of the date of this press release.
The applicable Canadian securities regulatory authorities could issue a general cease trade order against the Company for failure to file the Annual Filings within the prescribed time period.
Pending the finalization of the Annual Filings, the previously announced conference call to be held on Wednesday, May 1, 2019 at 10:00 a.m. EST will be postponed and re-scheduled.
Since beginning its mining operations in December 2017, Hut 8 has mined over 8,800 bitcoins. Hut 8's current capital structure consists of 90,108,118 common shares outstanding, 2,882,222 warrants and 965,000 options. In total, Hut 8 owns and operates two sites in Alberta, Canada utilizing 85 BlockBox AC data centers with current operating capacity of 95.2 MW and 784 PH/s.
ABOUT HUT 8 MINING CORP.
Hut 8 Mining Corp., headquartered in Toronto, Canada, is a cryptocurrency mining company established through an exclusive arrangement with the Bitfury Group, the world's leading full-service blockchain technology company. Through the Bitfury Group, Hut 8 has access to a world-leading proprietary mix of hardware, software and operational expertise to construct, optimize and manage data centers in low-cost and attractive jurisdictions. Hut 8 is led by a team of industry experts and intends to provide investors with exposure to blockchain processing infrastructure and technology along with underlying cryptocurrency rewards and transaction fees.
Hut 8 provides investors with direct exposure to bitcoin without the technical complexity or constraints of purchasing the underlying cryptocurrency. Investors avoid the need to create online wallets, wire money offshore and safely store their bitcoin.
Key investment highlights and FAQ's: https://www.hut8mining.com/investors.
Hut 8 Corporate Contacts:
Chief Executive Officer
Tel: (647) 256-1992
Chief Financial Officer
Tel: (647) 256-1992
CAUTIONARY NOTE REGARDING FORWARD LOOKING INFORMATION
Certain information in this press release constitutes forward-looking information. In some cases, but not necessarily in all cases, forward-looking information can be identified by the use of forward-looking terminology, such as "plans", "targets", "expects" or "does not expect", "is expected", "estimates", "intends", "assumes", "anticipates" or "does not anticipate" or "believes", or variations of such words and phrases, or state that certain actions, events or results "may", "could", "would", "might", "will" or "will be taken", "occur" or "be achieved". In addition, any statements that refer to expectations, projections or other characterizations of future events or circumstances contain forward-looking information. Statements containing forward-looking information are not historical facts, but instead represent management's expectations, estimates and projections regarding future events.
Forward-looking information is necessarily based on a number of opinions, assumptions and estimates that, while considered reasonable by Hut 8 as of the date of this press release, are subject to known and unknown risks, uncertainties, assumptions and other factors that may cause the actual results, level of activity, performance or achievements to be materially different from those expressed or implied by such forward-looking information, including but not limited to the factors described in greater detail in the "Risk Factors" section of the Filing Statement dated March 1, 2018 relating to the Qualifying Transaction of Oriana Resources Corporation and Hut 8, which is available at www.sedar.com. These factors are not intended to represent a complete list of the factors that could affect Hut 8; however, these factors should be considered carefully. There can be no assurance that such estimates and assumptions will prove to be correct. The forward-looking statements contained in this press release are made as of the date of this press release, and Hut 8 expressly disclaims any obligation to update or alter statements containing any forward-looking information, or the factors or assumptions underlying them, whether as a result of new information, future events or otherwise, except as required by law.
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.
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