149 0 Kommentare Cathedra Bitcoin Announces Third Quarter 2023 Financial Results

(Block Height: 818,900) – Cathedra Bitcoin Inc. (TSX-V: CBIT; OTCQB: CBTTF) (“Cathedra,” the “Company,” or “we”), is pleased to announce the results of our operations for the third quarter and nine months ended September 30, 2023 (“Q3 2023”).

Third Quarter 2023 Financial Highlights

Our mining operations produced 73.40 bitcoin during Q3 2023, compared to 67.09 bitcoin during Q3 2022, an increase of 6.31 bitcoin. The increase was due primarily to the expansion of our hash rate from 166 PH/s as of September 30, 2022, to 355 PH/s as of September 30, 2023. This expansion of our hash rate more than offset an increase in network hash rate, from 263 EH/s as of September 30, 2022, to 392 EH/s as of September 30, 2023.
We recorded revenue of $2.8 million during Q3 2023, compared to $1.5 million during Q3 2022, an increase of $1.3 million. The increase was due primarily to the expansion of our hash rate from 166 PH/s as of September 30, 2022, to 355 PH/s as of September 30, 2023. An increase in the average price of bitcoin from US$21,249 during the three months ended September 30, 2022, to US$28,086 during the three months ended September 30, 2023, was more than offset by an increase in network hash rate, from 263 EH/s as of September 30, 2022, to 392 EH/s as of September 30, 2023.
We filed a final base shelf prospectus with the securities regulatory authorities in each of the provinces and territories of Canada. The shelf prospectus will be valid for a 25-month period, during which time we may issue common shares, warrants, subscription receipts, units, debt securities, and share purchase contracts in amounts at prices and on terms based on market conditions at the time of sale and set forth in an accompanying prospectus supplement having an aggregate offering amount of up to US$10 million.
Subsequent to quarter end, on November 20, 2023, we entered into a binding term sheet to settle in shares and repay a portion of the C$19.8 of outstanding principal of our 3.5% senior secured convertible debentures due November 11, 2024. Under the agreement, we expect to repay C$2.0 million to retire C$3.3 million of the outstanding principal upon closing, such that the aggregate principal outstanding prior to the debt settlement is expected to be C$16.5 million. Additionally, we expect to settle up to C$10.9 million of the outstanding principal into up to 98.2 million common shares of the Company, which will be issued at a deemed price of C$0.1114 per share. In connection with the transaction, the debenture holders have also agreed to extend the maturity date of any remaining debentures following the repayment and settlement by one year, to November 11, 2025. The debt settlement and maturity extension are subject to completion of definitive documentation and receipt of regulatory approvals, including the approval of the TSX-V. We expect that the proposed transaction will optimize our capital structure, assist in preserving cash for working capital, and allow us to refocus on profitable growth. Our board of directors has reviewed the proposed transaction and believes it is in the best interests of shareholders.
As of November 28, 2023, we held approximately C$3.1 million of cash and approximately C$1.4 million of bitcoin (26.91 bitcoin) for total cash and bitcoin liquidity of approximately C$4.5 million.