This news discharge comprises a “designated news release” for the reasons for the Company’s outline supplement dated February 2, 2021 to its revised and repeated short structure base rack plan dated January 4, 2022.
Vancouver, British Columbia- – (Newsfile Corp. – May 24, 2022) – HIVE Blockchain Technologies Ltd. (TSXV: HIVE) (NASDAQ: HIVE) (FSE: HBF) (the “Company” or “HIVE”) reports that, further to its public statement dated May 10, 2022, the Company will continue with the solidification (the “Consolidation”) of its generally expected shares (“Common Shares”) based on five (5) pre-Consolidation Common Shares for one (1) post-Consolidation Common Shares. The Common Shares will begin exchanging on the TSX Venture Exchange (“TSXV”) and Nasdaq on a post-Consolidation premise compelling at market opening on May 24, 2022. As of the date concerning this, there are 411,209,923 Common Shares gave and extraordinary. On a post-Consolidation premise, the Company will have roughly 82,241,984 Common Shares gave and extraordinary. The Company won’t be changing its name or stock images regarding the Consolidation. Fruition of the Consolidation is dependent upon the receipt of all important administrative endorsements including the endorsement of the TSX Venture Exchange, and according to the Business Corporations Act (British Columbia) and the articles of the Company. Investor endorsement of the Consolidation isn’t required.
No fragmentary Common Shares will be given because of the Consolidation. Any partial premium in Common Shares that is under 0.5 of a Common Share coming about because of the Consolidation will be adjusted down to the closest entire Common Share, and any fragmentary premium in Common Shares that is equivalent to or more noteworthy than 0.5 of a Common Share will be gathered together to the closest entire Common Share.
Registered investors will get a letter of communication from the Company’s exchange specialist, Computershare Investor Services Inc., giving guidelines on the most proficient method to trade their portion declarations addressing pre-Consolidation Common Shares for new offer testaments or Direct Registration Advice (DRS) addressing post-Consolidation normal offers to which they are entitled because of the Consolidation. No activity is expected by non-enlisted investors (investors who hold their normal offers through a go-between) to influence the Consolidation.
There are at present 9,585,250 Common Share buy warrants initially gave by the Company on November 30, 2021 (the “HIVE Warrants”) recorded for exchanging on the TSXV (TSXV: HIVE.WT). Because of the Consolidation, the quantity of recorded HIVE Warrants exceptional will not be changed; in any case, the activity terms will be changed as per the details of the warrant arrangement dated November 30, 2021, with the end goal that on a post-Consolidation premise, five (5) HIVE Warrants will be exercisable for one (1) post-Consolidation Common Share, upon the installment of a changed cost of CAD$30.00. Therefore, holders of HIVE Warrants will be qualified for get one (1) post-Share Consolidation Common Share after practicing five (5) HIVE Warrants and paying a total of CAD$30.00.
Frank Holmes, Executive Chairman of HIVE expressed, “HIVE has accomplished an incredible amount over the past few years. Today we’re one of the most profitable and fastest-growing crypto miners in the world.”
“Despite our record profitability, HIVE shares trade at around a 2.2 P/E ratio as of May 23, 2022. This share consolidation will allow us to remove some of the penny stock stigma and allow us to engage more institutional investors.”
Mr. Holmes proceeded, “We believe that eventually the market will recognize HIVE’s value proposition, but at the same time we accept that further volatility may be in the cards. Either way, we’ll continue on with our work. We encourage all shareholders to watch our May 19, 2022, Corporate Update webcast from last week here where we discuss our progress and the benefits to come from the share consolidation.”
Darcy Daubaras, CFO of HIVE, added, “Our goal is to efficiently allocate shareholder capital, and we think our track record shows that. Look at our Bitcoin mining operations, which have all been built or acquired over the past 2 years, and now account for roughly 2/3rds of our revenue.”
Mr. Daubaras proceeded, “HIVE remains highly profitable, and this consolidation should create more institutional visibility for our shares.”
About HIVE Blockchain Technologies Ltd.
HIVE Blockchain Technologies Ltd. opened up to the world in 2017 as the main cryptographic money mining organization with an efficient power energy and ESG technique. We mine Bitcoin and Ethereum utilizing basically perfect, modest hydroelectric power in Canada, Sweden, and Iceland.
HIVE is a development situated innovation stock in the emanant blockchain industry. We are building an extension between the advanced cash and blockchain area and conventional capital business sectors. HIVE claims cutting edge, environmentally friendly power energy-controlled server farm offices in Canada, Sweden, and Iceland, where we source just environmentally friendly power energy to mine on the cloud and HODL both Ethereum and Bitcoin. Starting from the start of 2021, HIVE has held in secure capacity most of its ETH and BTC coin mining rewards. Our portions furnish financial backers with openness to the working edges of advanced money mining, as well as an arrangement of digital currencies like ETH and BTC. Since HIVE likewise possesses hard resources, for example, server farms and progressed multi-use servers, we accept our portions offer financial backers an alluring method for acquiring openness to the digital currency space.
We urge you to visit HIVE’s YouTube channel here to dive deeper into HIVE.
On Behalf of HIVE Blockchain Technologies Ltd.
For additional data please contact:
Tel: (604) 664-1078
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is characterized in arrangements of the TSX Venture Exchange) acknowledges liability regarding the sufficiency or exactness of this news release.
Except for the assertions of authentic truth, this news discharge contains “forward-looking information” inside the importance of the appropriate Canadian protections regulation that depends on assumptions, appraisals and projections as at the date of this news discharge. “Forward-looking information” in this news discharge incorporates, however isn’t restricted to, business objectives and goals of the Company; explanations and data with respect to: (I) the consummation and likely advantages of the Consolidation; (ii) the normal number of normal offers gave and exceptional following the Consolidation; (iv) the timing and expected viable date of the Consolidation; and (v) TSX Venture Exchange endorsement, and other forward-looking data concerning the aims, plans and future activities of the gatherings to the exchanges depicted thus and the terms thereon.
Factors that could make genuine outcomes contrast physically from those portrayed in such forward-looking data incorporate, yet are not restricted to, the unpredictability of the advanced cash market; the Company’s capacity to effectively mine computerized money; the Company will most likely be unable to productively sell its ongoing computerized cash stock as required, or by any stretch of the imagination; a material decrease in advanced cash costs might adversely affect the Company’s tasks; the instability of computerized money costs; proceeded with impacts of the COVID-19 pandemic might meaningfully affect the Company’s exhibition as supply chains are disturbed and keep the Company from completing its development designs or working its resources; and other related gambles as more completely set out in the enlistment proclamation of Company and different archives unveiled under the Company’s filings at www.sec.gov/EDGAR and www.sedar.com.
The forward-looking data in this news discharge mirrors the ongoing assumptions, suppositions and additionally convictions of the Company in view of data as of now accessible to the Company. Regarding the forward-looking data contained in this news discharge, the Company has made suppositions about the Company’s targets, objectives or tentative arrangements, the timing thereof and related matters. The Company has additionally accepted that no critical occasions happen beyond the Company’s typical course of business. Albeit the Company accepts that the suspicions intrinsic in the forward-looking data are sensible, forward-looking data isn’t an assurance of future execution and appropriately excessive dependence ought not be placed on such data because of the inborn vulnerability therein.
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