/NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES/

VANCOUVER, March 2, 2018 /CNW/ - Hut 8 Mining Corp. ("Hut 8" or the "Company") (TSXV:HUT), formerly Oriana Resources Corporation ("Oriana"), is pleased to announce that it has completed its previously announced qualifying transaction (the "Qualifying Transaction") pursuant to the policies of the TSX Venture Exchange (the "TSXV"). The parties received conditional approval from the TSXV on February 22, 2018 and a filing statement prepared in accordance with the requirements of the TSXV (the "Filing Statement") was subsequently filed under the Company's profile on SEDAR and is available at www.sedar.com. For additional information about the Qualifying Transaction, please refer to the Company's press releases dated December 21, 2017, January 11, 2018 and February 7, 2018, which are available at www.sedar.com.

Trading in the common shares of the Company (the "Resulting Issuer Common Shares") is expected to commence on the TSXV under the symbol "HUT" on or about March 6, 2018 following the issuance by the TSXV of its final bulletin in respect of the Qualifying Transaction.

Pursuant to the Qualifying Transaction:

The board of directors of the Company now consists of six directors: Bill Tai (Chair), Jeffrey Mason (Lead Director), Gerri Sinclair, Dennis Mills, Michael Novogratz and Valery Vavilov. The Interim Chief Executive Officer of the Company is Sean Clark and the Chief Financial Officer and Corporate Secretary is Kyle Appleby. Further to disclosure made in the Filing Statement, Sean Clark will remain with the Company on an interim basis while the Company continues its process of selecting a new, permanent Chief Executive Officer who will guide the vision of Hut 8 as a global leader in the crypto-mining industry.

As of the date hereof, the Company has a total of 82,380,000 Resulting Issuer Common Shares issued and outstanding and a total of 1,374,000 common share purchase warrants. An aggregate of 50,065,453 Resulting Issuer Common Shares held by the directors and officers of the Company, as well as by certain shareholders of the Company, including Bitfury Holding B.V., are subject to escrow restrictions, as described in the Filing Statement. The Company expects to issue an aggregate of 595,000 options to purchase Resulting Issuer Common Shares to certain directors under the Company's omnibus long-term incentive plan.

Early Warning Disclosure

In connection with the Qualifying Transaction, Bitfury Holding B.V. ("Bitfury") acquired ownership, control or direction over Resulting Issuer Common Shares and/or other securities of the Company requiring disclosure pursuant to the early warning requirements of applicable securities laws.

Bitfury holds 36,160,000 Resulting Issuer Common Shares following the completion of the Qualifying Transaction, which accounts for approximately 43.89% of the outstanding Resulting Issuer Common Shares and approximately 43.17% of the Resulting Issuer Common Shares on a fully-diluted basis. In addition, Valery Vavilov, the controlling shareholder of Bitfury and a director of the Company, acquired ownership, control or direction over 1,500,000 Resulting Issuer Common Shares in connection with the Qualifying Transaction. The Resulting Issuer Common Shares held by Bitfury and Mr. Vavilov represent, in the aggregate, approximately 45.71% of the outstanding Resulting Issuer Common Shares and approximately 44.97% of the issued and outstanding Resulting Issuer Common Shares on a fully-diluted basis.

Bitfury and Mr. Vavilov acquired the Resulting Issuer Common Shares in connection with the Qualifying Transaction for investment purposes. They do not have any current intentions to increase or decrease their beneficial ownership or control or direction over any additional securities of the Issuer. Subject to applicable escrow restrictions described in the Filing Statement, Bitfury and/or Mr. Vavilov may, from time to time and depending on market and other conditions, acquire additional Resulting Issuer Common Shares through market transactions, private agreements, treasury issuances, dividend reinvestment programs, exercise of options, convertible securities or otherwise, may sell all or some portion of the Resulting Issuer Common Shares they own or otherwise trade in or with respect to securities of the Company.

Copies of the early warning reports in respect of the foregoing may be obtained from Kyle Appleby, Chief Financial Officer and Corporate Secretary of the Company, by e-mail at [email protected]. 

About Hut 8

Hut 8 is a cryptocurrency mining and Blockchain infrastructure company established through an exclusive partnership with the Bitfury Group, the world's leading full-service Blockchain technology company. Hut 8 currently owns BlockBox Data Centers representing 24.2 MW and 165 PH/s that are in operation or construction, with a pipeline of acquisition and development opportunities across North America. Through its partnership with the Bitfury Group, Hut 8 has access to a proprietary mix of hardware, software, and operational know-how to construct, optimize, and manage datacenters 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.

The Bitfury Group

The Bitfury Group is the world's leading full-service Blockchain technology company and one of the largest private infrastructure providers in the Blockchain ecosystem. Bitfury develops and delivers both the software and the hardware solutions necessary for businesses, governments, organizations and individuals to securely move an asset across the Blockchain. Bitfury recently launched Exonum, a custom framework that helps individuals, businesses and governments securely and easily bring their ideas and solutions to life.

Forward-Looking Information

Certain statements contained in this news release, such as the anticipated trading day on the TSXV, constitute "forward-looking information" as such term is used in applicable Canadian securities laws. Forward-looking information is based on plans, expectations and estimates of management at the date the information is provided and is subject to certain factors and assumptions, including that the Company's financial condition and development plans do not change as a result of unforeseen events. Forward-looking information is subject to a variety of risks and uncertainties and other factors that could cause plans, estimates and actual results to vary materially from those projected in such forward-looking information. Factors that could cause the forward-looking information in this news release to change or to be inaccurate include, but are not limited to, the risk that any of the assumptions referred to prove not to be valid or reliable, that occurrences such as those referred to above are realized and result in delays, or cessation in planned work, that the Company's financial condition and development plans change, and delays in regulatory approval, as well as the other risks and uncertainties applicable to crypto-mining companies and to the Company as set forth in the Company's Filing Statement in respect of the Qualifying Transaction filed under the Company's profile at www.sedar.com. The Company undertakes no obligation to update these forward-looking statements, other than as required by applicable law.

This press release is not an offer of the securities for sale in the United States. The securities have not been registered under the U.S. Securities Act of 1933, as amended, and may not be offered or sold in the United States absent registration or an exemption from registration. This press release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of the securities in any state in which such offer, solicitation or sale would be unlawful.

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 press release.

SOURCE Hut 8 Mining Corp.

View original content: http://www.newswire.ca/en/releases/archive/March2018/02/c5551.html