Cathedra Bitcoin Announces C$6,450,000 Non-Brokered Investment from Kingsway Capital and Ten31

Cathedra Bitcoin Inc. (TSX-V: CBIT; OTCQX: CBTTF) (“Cathedra”), a Bitcoin company that develops and operates world-class bitcoin mining infrastructure, today announced the execution of subscription agreements with respect to a non-brokered private placement offering (the “Offering”) with Kingsway Capital and Ten31 (collectively, the “Investors”) for the sale of up to 17,916,667 units (“Units”) at a purchase price of C$0.36 per Unit, for gross proceeds of approximately C$6,450,000.

Each Unit consists of one common share of the Company (a “Unit Share”) and three-quarters of one (0.75) common share purchase warrant (each whole warrant, a “Warrant”). Each Warrant entitles the holder thereof to acquire one (1) common share (a “Warrant Share”) for a period of five (5) years following the closing date. A total of up to 13,437,500 Warrants underly the Units with the following exercise prices per Warrant Share:

• 2,867,500 Warrants at an exercise price of C$0.54 per Warrant Share
• 2,867,500 Warrants at an exercise price of C$0.79 per Warrant Share
• 2,867,500 Warrants at an exercise price of C$1.04 per Warrant Share
• 2,867,500 Warrants at an exercise price of C$1.29 per Warrant Share
• 2,867,500 Warrants at an exercise price of C$1.54 per Warrant Share

The Company intends to use the proceeds from the Offering for general corporate purposes and working capital.

All Warrants, Warrant Shares, and Common Shares issuable pursuant to the Offering will be subject to statutory hold periods of four (4) months and one (1) day from the date of issuance thereof. The Units have not been registered under the United States Securities Act of 1933, as amended, or applicable state securities laws, and the Units may not be offered or sold in the United States absent registration or an applicable exemption from such registration requirements.

The Offering is expected to close on or around May 20, 2022, and is subject to receipt of all necessary regulatory approvals, including the approval of the TSX Venture Exchange.

About Cathedra Bitcoin

Cathedra Bitcoin Inc. (TSX-V: CBIT; OTCQX: CBTTF) is a Bitcoin company that develops and operates world-class bitcoin mining infrastructure.

Cathedra believes sound money and abundant energy are the fundamental ingredients to human progress and is committed to advancing both by working closely with the energy sector to secure the Bitcoin network. Today, Cathedra owns 187 PH/s across various sites around the United States and expects to deploy an additional 538 PH/s in 2022. Upon the full deployment of its purchased machines, Cathedra’s hash rate is expected to total 725 PH/s. The Company is focused on expanding its portfolio of hash rate through a diversified approach to site selection and operations, utilizing multiple energy sources across various jurisdictions.