Digihost Announces CAD$15 Million Private Placement With Institutional Investors

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

TORONTO, June 15, 2021 (GLOBE NEWSWIRE) -- Digihost Technology Inc. (“Digihost” or the “Company”) (TSXV: DGHI; OTCQB: HSSHF) is pleased to announce that the Company has entered into subscription agreements with certain institutional investors, for gross proceeds of approximately CAD$15 million in a private placement of its equity securities, comprised of 8,333,336 common shares of the Company (“Shares”) and warrants to purchase up to 6,250,002 common shares (“Warrants”), at a purchase price of CAD$1.80 per Share and associated Warrant. The Warrants have an exercise price of CAD$1.99 per Share and exercise period of three years from the issuance date. The net proceeds of the private placement will be used by the Company primarily to acquire additional Bitcoin miners, expand infrastructure focused on environmental sustainability, and improve its working capital position.

H.C. Wainwright & Co. is acting as the exclusive placement agent for the private placement.

The private placement is expected to close on or about June 18, 2021, subject to satisfaction of customary closing conditions, including the approval of the TSX Venture Exchange.

No securities were offered or sold to Canadian residents in connection with the private placement.

This news 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 jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction. This news release shall not constitute an offer of securities for sale in the United States. The securities being offered have not been, nor will they be, registered under the United States Securities Act of 1933, as amended, and such securities may not be offered or sold within the United States absent registration under U.S. federal and state securities laws or an applicable exemption from such U.S. registration requirements.

About Digihost Technology Inc.

Digihost Technology Inc. is a growth-oriented blockchain technology company primarily focused on Bitcoin mining. The Company's mining facilities are located in Upstate New York, and are equipped with 78.7 MW of low-cost power with the option to expand to 102MW. The Company is currently hashing at a rate of 200PH with potential to expand to a rate of 3EH upon the completion of the previously announced acquisition of a 60MW power plant.