Cathedra Bitcoin Announces Debt Settlement Update

(Block height: 780,050) – Cathedra Bitcoin Inc. (TSX-V: CBIT; OTCQX: CBTTF) (“

Cathedra

” or ”

Company

”), a Bitcoin company that develops and operates world-class bitcoin mining infrastructure, is pleased to announce that, pursuant to the Company’s press release dated February 22, 2023, the Company expects to settle a portion of the outstanding principal amount of the Notes (as defined below ) equal to C$2,500,000 to 18,518,518 common shares of the Company (“

Stock

“). The shares will be issued at an assumed price of C$0.135 per share. The debt must be paid to certain bondholders (”

Bondholders

”) in respect of 3.5% senior secured convertible bonds of the Company due November 11, 2024 (the “

Due date

”) in the aggregate principal amount of C$25,000,000 issued to the Noteholders on November 11, 2021 (“

Bonds

“). The total outstanding principal amount as of the date hereof is USD 22,395,679.20.

The debt settlement is subject to completion of final documentation. The company expects that the proposed debt settlement will help the company preserve cash for working capital. The remaining principal of outstanding Bonds after the Debt Settlement will continue to bear interest at 3.5% per annum, payable quarterly in arrears on the last day of March, June, September and December each year until the Maturity Date.

All securities to be issued pursuant to the debt settlement will be subject to a four month and one day holding period from the debt settlement end date. The debt settlement is subject to receipt of regulatory approvals, including approval by the TSXV.

About Cathedra Bitcoin

Cathedra Bitcoin Inc. (TSX-V: CBIT; OTCQX: CBTTF) is a Bitcoin company that develops and operates world-class bitcoin mining infrastructure.

Cathedra believes sound money and abundant energy are the basic ingredients of human progress and is committed to moving forward by working closely with the energy sector to secure the Bitcoin network. Today, Cathedra’s diversified bitcoin mining totals 247 PH/s and spans three states and five locations in the United States. The company is focused on expanding its portfolio of hash rates through a diversified approach to site selection and operations, using multiple energy sources across different jurisdictions.

For more information about Cathedra, visit cathedra.com or follow the company’s news on Twitter at

@CathedraBitcoin

or on Telegram at @CathedraBitcoin.

Warning

Trading in the company’s securities should be considered highly speculative. No stock exchange, securities commission or other regulatory authority has approved or rejected the information here. Neither the TSX Venture Exchange nor its regulatory 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.

Forward-looking statements

This press release contains certain “forward-looking information” under applicable Canadian securities laws that are based on expectations, estimates and projections as of the date of this press release. The information in this release about future plans and targets for the company is forward-looking information. Other forward-looking information includes, but is not limited to, information about: the Debt Settlement, the approval of the TSXV, the intentions and future actions of senior management, the intentions, plans and future actions of the Company, as well as the Company’s abilities to successfully mine digital currency; income increases as expected; the ability to profitably liquidate current and future digital currency holdings; volatility in network difficulties and digital currency prices and the resulting significant adverse impact on the Company’s business; construction and operation of extended blockchain infrastructure as currently planned; and the cryptocurrency regulatory environment in applicable jurisdictions.

Any statement that involves discussions with respect to predictions, expectations, beliefs, plans, estimates, targets, assumptions, future events or performance (often but not always by the use of phrases such as “expects”, or “does not expect”, “expects” , “anticipates” or “does not anticipate”, “plans”, “budget”, “planned”, “forecasts”, “estimates”, “believes” or “intends” or variations of such words and expressions or states that certain actions , events or results “may” or “could”, “would”, “can” or “will” be considered to occur or be achieved) are not statements of historical fact and may be forward-looking information and are intended to identify the future -See information.

This forward-looking information is based on reasonable assumptions and estimates made by the management of the company at the time it was made, and involves known and unknown risks, uncertainties and other factors that could cause the company’s actual results, performance or achievements to be materially different from future results , performance or achievements expressed or implied by such forward-looking information. The company has also assumed that no significant events occur outside the company’s normal operations. Although the company has tried to identify important factors that can cause actual results to deviate significantly, there may be other factors that mean that the results are not as expected, estimated or intended. No guarantee can be given that such statements will prove to be accurate, as actual results and future events may differ materially from those anticipated in such statements. Accordingly, readers should not rely on forward-looking information. The company undertakes no obligation to revise or update forward-looking information other than as required by law.

See the source version at businesswire.com:

Media and Investor Relations Inquiries

Sean Ty

Finance manager

[email protected]