Digihost Announces Purchase of Shares by CEO, Michel Amar, for $3.344 Million

TORONTO, Feb. 28, 2021 (GLOBE NEWSWIRE) -- Digihost Technology Inc. (“Digihost” or the “Company”) (TSXV: DGHI; OTCQB: HSSHF) is pleased to announce that that Michel Amar, director and Chief Executive Officer of Digihost, has purchased an aggregate of 1,520,000 subordinate voting shares in the capital of Digihost (“SV Shares”) in a private transaction with escrowed shareholders at CAD$2.20 per SV Share, for aggregate consideration of CAD$3,344,000 (the “Share Acquisition”). A total of 1,127,328 SV Shares are currently held in escrow. The transfer is subject to TSX Venture Exchange approval. As a result of this acquisition, Michel Amar has ownership, control and direction through his holding companies of 14,475,716 SV Shares, representing 31.81% of the issued and outstanding shares of the class on a non-diluted basis, and 32.91% of the issued and outstanding shares of the class on a partially diluted basis, as well as 10,000 proportional voting shares (“PV Shares”) which represent 100% of the PV Shares.

Michel Amar said of the purchases, “I believe in the future of the blockchain economy and I have confidence in our Buffalo bitcoin mining facility and the talent of our operations team. The Company is well positioned to execute on its vision for expansion and good results. With my increased shareholding, and my previously announced salary of $1.00 for 2021, I continue to align myself with Digihost’s long-term growth strategy, as we continue to create shareholder value.”

This press release is being disseminated as required by National Instrument 62-103 – The Early Warning System and Related Take Over Bids and Insider Reporting Issues, with respect to the filing of an early warning report by Michel Amar. Prior to the Share Acquisition, Mr. Amar had ownership, control and direction through his holding companies of 12,955,716 SV Shares, representing 28.47% of the issued and outstanding shares of the class on a non-diluted basis, and 29.63% of the issued and outstanding shares of the class on a partially diluted basis.

Michel Amar acquired the shares for investment purposes and he may in the future take such actions in respect of his holdings as deemed appropriate in light of the circumstances then existing, including the purchase of additional shares or other securities of Digihost through open market purchases.

For further details, please see the Early Warning Report, a copy of which is available on the Company’s profile on SEDAR at www.sedar.com.