HIVE Digital Announces Closing of $28.75 Million Bought Deal Private Placement Financing to “HODL” Our Bitcoin Production and Expand Green Mining Footprint

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This news release constitutes a "designated news release" for the purposes of the Company's prospectus supplement dated May 10, 2023 to its short form base shelf prospectus dated May 1, 2023.

VANCOUVER, British Columbia, Dec. 28, 2023 (GLOBE NEWSWIRE) -- HIVE Digital Technologies Ltd. (TSX.V:HIVE) (Nasdaq:HIVE) (FSE:YO0.F) (the “Company” or “HIVE”) a leading digital asset miner and “green” focused data center builder and operator is pleased to announce that it has closed the previously announced bought-deal private placement (the “Offering”) of 5,000,000 special warrants (“Special Warrants”) at a price of CAD$5.00 per Special Warrant for aggregate gross proceeds to the Company of CAD$25,000,000, with Stifel Canada. and Canaccord Genuity Corp., acting as co-lead underwriters and joint bookrunners (together, the “Underwriters”).

In connection with the closing of the Offering, the Underwriters elected to fully exercise the option granted to them by the Company to increase the size of the Offering by an additional 15% of the Special Warrants sold under the Offering, for an additional 750,000 Special Warrants. As a result, the Offering consisted of the sale of an aggregate 5,750,000 Special Warrants for aggregate gross proceeds of CAD$28,750,000. The Special Warrants and the underlying Units (defined below) are subject to a statutory hold period of four months and one day in accordance with applicable securities laws. The completion of the Offering will be subject to receipt of all necessary regulatory and corporate approvals or consents.

Each Special Warrant entitles the holder thereof to receive, subject to adjustment in certain circumstances and the Penalty Provision (as defined below), and without payment of additional consideration, one (1) unit of the Company (each a “Unit”) upon the exercise or deemed exercise of each Special Warrant. Each Unit shall consist of one (1) common share of the Company (a “Unit Share”) and one-half (0.5) of one (1) common share purchase warrant (each whole common share purchase warrant, a “Warrant”). Each Warrant entitles the holder thereof to purchase one (1) common share of the Company (a “Warrant Share”) at a price of CAD$6.00 per Warrant Share until December 28, 2026. The Special Warrants will be exercisable by the holders thereof at any time for no additional consideration. All unexercised Special Warrants shall be deemed exercised on behalf of, and without any required action on the part of, the holders (including payment of additional consideration) on the earlier of: