Hyper Bit Technologies closes $1.49M private placement

Hyper Bit Technologies Ltd. (CSE: HYPE) (OTCID: HYPAF) (FSE: N7S0) has completed a non-brokered private placement of 14,875,000 units at $0.10 per unit, raising gross proceeds of $1,487,500, according to a press release from the Vancouver-based company.

Each unit consists of one common share and one share purchase warrant. Each warrant is exercisable at $0.15 per share for 36 months from issuance. The company may accelerate the warrants if shares close at or above $0.30 for five consecutive trading days.

The company said it will use net proceeds to purchase crypto mining rigs, pay outstanding debts, fund marketing activities, and support general working capital. The company noted that due to high investor demand, it did not proceed with previously announced debt settlement transactions.

In connection with the offering, the company paid $48,800 in cash finder's fees and issued 488,000 non-transferable finder's warrants, each exercisable at $0.10 per share for 36 months from issuance.

All securities issued are subject to a statutory hold period of four months plus one day from the date of issuance under applicable securities laws.

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