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Stronghold Digital Mining, Inc. (SDIG) right now introduced that it has entered into securities buy agreements with an institutional investor and the Firm’s chairman and chief govt officer, Greg Beard (collectively the “Purchasers”), to promote 9,000,000 shares of Class A Frequent Inventory and share equivalents to the institutional investor and 1,000,000 shares of Class A Frequent Inventory to Mr. Beard, in every case at a value of $1.00 per share equal (the “Personal Placement”). The Firm may also subject to the Purchasers warrants to buy an combination of 10,000,000 shares of Class A Frequent Inventory, with an preliminary train value of $1.10 per share (topic to changes), and such warrants won’t be exercisable till six months after issuance.
Gross proceeds from the Personal Placement are anticipated to be $10 million, earlier than deducting providing bills, and are anticipated for use to accumulate extra Bitcoin miners. The closing of the Personal Placement is anticipated to happen on April 21, 2023.
In reference to the Personal Placement, the Firm entered right into a registration rights settlement with the institutional investor referring to the resale of the securities bought within the Personal Placement. The Firm might be prohibited from issuing fairness till 30 days after effectiveness (the “efficient date”) of a registration assertion overlaying the resale of the securities bought by the institutional investor within the Personal Placement and from effecting variable charge transactions for a interval of 6 months following the efficient date, in every case topic to sure exceptions.
This press launch shall not represent a proposal to promote or the solicitation of a proposal to purchase any of the securities described herein, nor shall there be any sale of those securities in any state or jurisdiction by which such provide, solicitation or sale could be illegal previous to registration or qualification below the securities legal guidelines of any such state or jurisdiction.
About Stronghold Digital Mining, Inc.
Stronghold is a vertically built-in Bitcoin mining firm with an emphasis on environmentally helpful operations. Stronghold homes its miners at its wholly owned and operated Scrubgrass Plant and Panther Creek Plant, each of that are low-cost, environmentally helpful coal refuse energy era amenities in Pennsylvania.
Investor Contact:
Matt Glover or Alex Kovtun
Gateway Group, Inc.
SDIG@GatewayIR.com
1-949-574-3860
Media Contact:
contact@strongholddigitalmining.com
Ahead Trying Statements:
The knowledge, monetary projections and different estimates contained herein comprise “forward-looking” statements as that time period is outlined in Part 27A of the Securities Act of 1933, as amended, and Part 21E of the Securities Trade Act of 1934, as amended by the Personal Securities Litigation Reform Act of 1995, together with, however not restricted to statements concerning the anticipated efficiency of the Firm and its property. Such projections and estimates are as to future occasions and are to not be seen as information, and mirror varied assumptions of administration of the Firm in regards to the future efficiency of the Firm and are topic to important enterprise, monetary, financial, working, aggressive and different dangers and uncertainties and contingencies (lots of that are troublesome to foretell and past the management of the Firm) that would trigger precise outcomes to vary materially from the statements and knowledge included herein. Ahead-looking statements concern future circumstances and outcomes and different statements that aren’t historic information and are generally recognized by the phrases “might,” “will,” “ought to,” “potential,” “intend,” “count on,” “endeavor,” “search,” “anticipate,” “estimate,” “overestimate,” “underestimate,” “imagine,” “may,” “venture,” “predict,” “proceed,” “goal” or different comparable phrases or expressions. Ahead-looking statements are based mostly upon present plans, estimates and expectations which are topic to dangers, uncertainties and assumptions. Ahead-looking statements might embody statements about varied dangers and uncertainties, together with these described below the heading “Threat Components” as detailed infrequently in Stronghold’s reviews filed with the SEC, together with Stronghold’s annual report on Type 10-Okay, periodic quarterly reviews on Type 10-Q, present reviews on Type 8-Okay and different paperwork filed with the SEC. Such danger and uncertainties usually are not unique. Any forward-looking statements converse solely as of the date of this communication. The Firm doesn’t undertake any obligation to replace any forward-looking statements, whether or not on account of new data or growth, future occasions or in any other case, besides as required by legislation. Readers are cautioned to not place undue reliance on any of those forward-looking statements. Moreover, descriptions herein of market circumstances and alternatives are offered for informational functions solely; there may be no assurance that such circumstances will really happen or lead to constructive returns. Recipients of this communication ought to make their very own investigations and evaluations of any data referenced herein.
