Cathedra Bitcoin Inc.(the “Company” or “Cathedra”), a Bitcoin company that develops and operates world-class bitcoin mining infrastructure, is pleased to announce it has entered into an equipment financing agreement with NYDIG ABL that will provide approximately US$17m in proceeds to fund the expansion of Cathedra’s diversified bitcoin mining operations.
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The Company will receive the first advance of approximately US$5.6m in the coming days. The outstanding principal bears interest at 14.0% per annum and will be repaid over the next 24 months, ending in January 2024. The debt is collateralized by Bitmain bitcoin mining machines purchased by the Company in 2021.
Cathedra Bitcoin Inc. (TSX-V: CBIT) is a Bitcoin company that develops and operates world-class bitcoin mining infrastructure.
Cathedra believes sound money and cheap, abundant energy are the fundamental ingredients to human progress, and is committed to advancing both by working closely with the energy sector to secure the Bitcoin network.
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Cathedra owns 187 PH/s across various sites around the United States and expects to deploy an additional 538 PH/s in 2022. Upon the full deployment of its purchased machines, Cathedra’s hash rate is expected to total 725 PH/s. The Company is focused on expanding its portfolio of hash rate through a diversified approach to site selection and operations, utilizing multiple energy sources across various jurisdictions.
Cautionary Statement
Trading in the securities of the Company should be considered highly speculative. No stock exchange, securities commission or other regulatory authority has approved or disapproved the information contained herein.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
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