Business
Hut 8 provides update on North Bay Facility
This news release constitutes a "designated news release" for purposes of the Company's prospectus supplement dated August 17, 2022 to its short form base
About this update from Hut 8 Corp.
[{"type":"text","content":"This news release constitutes a \"designated news release\" for purposes of the Company's prospectus supplement dated August 17, 2022 to its short form base shelf prospectus dated August 5, 2022.\nTORONTO, March 28, 2023 /PRNewswire/ - Hut 8 Mining Corp. (Nasdaq: HUT) (TSX: HUT) (\"Hut 8\" or the \"Company\"), announces that it has served and filed an amended statement of claim in the Ontario Superior Court of Justice (the \"Amended Claim\") against Validus Power Corp. and its subsidiary, Bay Power Corp. (collectively, \"Validus\"), a third-party supplier of energy to the Company's mining facility in North Bay, Ontario.\n\n \n \n \n \n \n \n\n \nThe Amended Claim relates to the Company's ongoing and previously disclosed dispute with Validus in respect of Validus' failure to meet its contractual obligations under the power purchase agreement it entered into with the Company. In addition to the claims set out in the original statement of claim, the Amended Claim, among other things, adds claims involving the associated lease between the Company and Validus at the Company's mining facility in North Bay, Ontario to include a claim for unlawful termination by Validus of the aforementioned lease.\nThe Company does not intend to make additional comments on this subject unless otherwise determined to be appropriate.\nAbout Hut 8Hut 8 is one of North America's largest innovation-focused digital asset miners, led by a team of business-building technologists, bullish on bitcoin, blockchain, Web 3.0 and bridging the nascent and traditional high performance computing worlds. With two operational digital asset mining sites located in Southern Alberta, Hut 8 has one of the highest capacity rates in the industry and one of the highest inventories of self-mined Bitcoin of any digital asset miner or publicly-traded company globally. With over 36,000 square feet of geo-diverse data centre space and cloud capacity connected to electrical grids powered by significant renewables and predominantly emission-free sources, Hut 8 is revolutionizing conventional assets to create the first hybrid data centre model that serves both the traditional high performance compute (Web 2.0) and nascent digital asset computing sectors, blockchain gaming, and Web 3.0. Hut 8was the first Canadian digital asset miner to list on the Nasdaq Global Select Market. Through in...