HIVE Digital Technologies (HIVE) Acquires Data Center Facility in Sweden

HIVE Digital Technologies Ltd. (NASDAQ: HIVE) is pleased to announce that it has entered into a property transfer agreement with Turis AB dated November 23, 2023 to acquire a data center and the real property on which it is situated, located in the city of Boden, Sweden.

This strategic investment aligns with HIVE's commitment to build long-term value for its investors through the acquisition and development of substantial assets to be added to its balance sheet. Moreover, this investment further supports HIVE's sustainable growth and reinforces its position as a key player in the digital technology sector.

Located in Boden, Sweden, in close vicinity of our existing data center, this new data center was previously constructed as part of the EU Horizon 2020 project. We are looking forward to further developing this facility within our global portfolio and utilising it to plug our incoming new generation ASIC servers and increasing our Bitcoin production.

HIVE Sweden Country President Johanna Thornblad stated: "We are pleased about this acquisition and our continued expansion in Boden. The Property is strategically located and provides HIVE with the opportunity to expand its operation, contributing to the company's overall growth strategy. The new data center will enable HIVE to grow its regional footprint while further demonstrating its commitment to its ESG focus, sustainable practices, environmental responsibility, and energy efficiency with its newest "green" energy powered data center. HIVE is excited about the opportunities that this acquisition brings and looks forward to further contributing to the economic development and prosperity of the Boden community."

Pursuant to the Property Transfer Agreement, HIVE shall acquire the Property as well as certain assets located on-site in exchange for a purchase price payable in both cash and common shares of HIVE: (i) up to $750,000 payable in cash; and (ii) up to $1,500,000 payable in common shares ("Common Shares") in the capital of the Company in two installments. The price of the Common Shares issued to the Vendor shall be equal to the lower of: (i) the closing price of the Common Shares on the TSX Venture Exchange (the "TSXV") on the date ending two (2) business days prior to the closing date of the acquisition (the "Closing Date"); and (ii) the average closing price of the Common Shares on the TSXV on the last five days prior to the Closing Date on which the TSXV is open for trading (the "Issue Price"). Notwithstanding the foregoing, the Issue Price shall not be lower than the minimum acceptable price of the TSXV. The first installment of Common Shares shall be composed of such number of Common Shares as is equal to $1,000,000 divided by the Issue Price and shall be paid on the Closing Date. The second installment shall be paid at the later of: (i) the six month anniversary of the Closing Date; and (ii) the date on which any claims made by HIVE within six months of the Closing Date relating to a breach of warranty under the Property Transfer Agreement have been finally settled, and shall be composed of such number of Common Shares equal to $500,000 less any amount payable by the Vendor to the Company in respect of such claim, divided by the Issue Price.

Completion of the Acquisition is subject to certain conditions and the receipt of all necessary regulatory approvals including the approval of the TSXV. All securities issued pursuant to the Property Transfer Agreement shall be subject to a statutory hold period of four months and one day from the date of issuance.

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