INTERBIT ANNOUNCES PROPOSED CHANGE OF BUSINESS TO BECOME A MINING ISSUER

CALGARY, Alberta and LONDON, March 20, 2020 (GLOBE NEWSWIRE) -- INTERBIT LTD. (TSX Venture: IBIT) (the “Company”) announces its intention to complete a “Change of Business” transaction (“COB Transaction”) pursuant to the policies of the TSX Venture Exchange (the “Exchange”), with the result that the Company will become a Tier 2 mining issuer under the policies of the Exchange and will initially be engaged in the exploration and development of prospective mineral properties.

“Global economic developments have convinced us that unique mining opportunities – especially in the gold sector - will potentially unfold to allow the Company to deliver exceptional returns to our shareholders over the next 3-5 years,” said Brian Hinchcliffe, CEO of the Company. “The Company will use its cash position and management experience to find mining operations that combine low cost, long life production in politically safe jurisdictions. Alongside this new initiative and direction, the Company will continue to seek to commercialize the intellectual property it has accumulated as a technology company.”

In connection with the COB Transaction, the Company is pleased to announce that today it entered into an option agreement dated March 20, 2020 (the “Agreement”) with Mr. Mike Leahy (“Optionor”), whereby the Company has been granted the option (the “Option”) to acquire a 100% interest in and to twenty-seven (27) mineral claims comprising a project known as the Mike Leahy Property (collectively, the “Property”) totaling approximately 550 hectares located in the Larder Lake Mining Division in the Province of Ontario. The Optionor is the sole registered owner of the Property. 

Terms of the Agreement

Under the terms of the Agreement, the Optionor has agreed to grant the Option to the Company. In order to exercise the Option and keep it in good standing, the Company will be required to make total cash payments of $35,000, issue a total of 100,000 common shares of the Company (“Common Shares”) and incur exploration expenditures of no less than $250,000 as follows:

(a)	paying the Optionor $35,000 upon issuance of a Technical Report (as defined in Agreement) that is to the satisfaction of the Company, in its sole discretion;
(b)	issuing to the Optionor 50,000 Common Shares effective upon issuance of the Technical Report, recognizing that those Common Shares is subject to the approval of the Exchange and such approval may not be received until the closing of the COB Transaction;
(c)