Hut 8 Mining (HUT) today announced it has entered into a transaction support agreement with Macquarie Equipment Finance Ltd. a subsidiary of Macquarie Group Limited, a global financial services group, in support of an opportunity to potentially acquire certain assets of Validus Power Corp. and Validus' subsidiaries. Validus was previously a supplier of energy to the Company's mining facility in
Pursuant to an order of the Ontario Superior Court of Justice (Commercial List) (the "Court") issued on
Subject to the satisfaction of certain conditions, under the terms of the Support Agreement, a stalking horse bid (the "Stalking Horse Bid") is to be submitted to the Receiver in support of a proposed sale and investment solicitation process to be carried out in respect of the Validus Entities.
A Stalking Horse Bid, if ultimately successful, is expected to result in the full and final resolution of all litigation claims and counterclaims currently pending between Hut 8 and certain Validus Entities. Further details in respect of any Stalking Horse Bid will be provided if and as conditions warrant and subject to, among other things, the acceptance of a Stalking Horse Bid by the Receiver and approval of the Court.