Digihost announces purchase of shares by CEO for $3.344 million

Digihost announces purchase of shares by CEO for $3.344 million
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TORONTO – Digihost Technology Inc. (TSXV: DGHI; OTCQB: HSSHF) reported 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 in a private transaction with escrowed shareholders at CAD$2.20 per SV Share, for aggregate consideration of CAD$3,344,000. 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 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.”

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.

Digihost is a growth-oriented blockchain company primarily focused on Bitcoin mining. The company’s mining facility is located in Buffalo, N.Y., and is equipped with an 18.7MVA 115,000-kilovolt-ampere outdoor substation with an option to increase the power output to 42MVA. The company is currently hashing approximately 1.2 Bitcoins per day, subject to difficulty. Digihost says its strategy is to focus on continually increasing its hashrate with a concurrent reduction in energy costs.

We seek Safe Harbor.

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