INTERBIT ANNOUNCES CLOSING OF $1.725 MILLION NON-BROKERED PRIVATE PLACEMENT

NOT FOR DISTRIBUTION OR DISSEMINATION IN THE UNITED STATES.  FAILURE TO COMPLY WITH THIS RESTRICTION MAY CONSTITUTE A VIOLATION OF UNITED STATES SECURITIES LAWS.

CALGARY, Alberta and LONDON, March 16, 2020 (GLOBE NEWSWIRE) -- INTERBIT LTD. (TSX Venture: IBIT) (the “Company”) is pleased to announce that it has completed its previously announced non-brokered private placement for aggregate gross proceeds of $1.725 million (the “Private Placement”).  In connection with the Private Placement, 11,499,996 common shares of the Company were issued at a price of CAD$0.15 per share.

The securities issued in connection with the Private Placement are subject to a hold period of four months and one day from the closing of the Private Placement.

The net proceeds from the Private Placement will be used in connection with continued operations of the Company, payment of outstanding debts, examining what financial and strategic alternatives may be available to the Company and towards general and administrative expenses. As stated in the Company’s February 21, 2020 press release, a strategic review is being conducted by the Company. While the Company’s preference at this time is a transaction or alternative that will take advantage of the talents and expertise of the current management and Board of Directors, there can be no assurance that this strategic review will result in the completion of any transaction or other alternative, or that a transaction, if pursued, will be completed.  The Company has not set a timetable for completion of the review process, and it does not intend to comment further regarding the process unless a specific transaction or other alternative is approved by the Board of Directors or it is otherwise determined that further disclosure is appropriate or required by law.

In connection with the Private Placement, the Company has agreed to pay (i) Smaller Company Capital Ltd. a cash finder’s fee equal to 4% of the gross proceeds raised in respect of the aggregate sales to subscribers under the Private Placement that were introduced by Smaller Company Capital Ltd. (up to $45,690); and (ii) Canaccord Genuity Corp. a cash finder’s fee equal to 4% of the gross proceeds raised in respect of the aggregate sales to subscribers under the Private Placement that were introduced by Canaccord Genuity Corp. (up to $12,510).