Pair of firms with ties to Medicine Hat switch stock exchanges

By Medicine Hat News on June 17, 2021.

Two companies with ties to Medicine Hat are switching stock markets.

Hut 8 Cryptocurrency moved to the NASDAQ Global select market on June 15 at the same time as it announced a $100-million stock offering to fund expansion activities.

Cielo Waste Solutions, which plans to build a biodiesel refinery near Dunmore in conjunction with investors group Renewable U, announced it will begin trading on the TSX Venture exchange this summer.

That company is currently on the Canadian Securities Exchange, but says it has received approval to join the junior TSX exchange subject to meeting several conditions.

Last week Cielo also announced it had secured agreement to buy a building and 35 acres of land in the Fort Saskatchewan area to build a 100 per cent owned refinery connected to both major rail carriers and pipeline access. Financing on the $13-million deal would mature in two years and also includes up to $12 million in non-transferrable warrants to lender First Choice Financial, an Ontario-based financial services provider.

Hut 8 has said new market financing will fund a power expansion through private sector partnership and other equipment upgrades at its data-processing centres.

Hut 8 is offering 20 million shares at a price of C$5 in order to raise $100 million through Canaccord Genuity Corp, with one-half warrant at $6.25 attached to each share for 24 months. The company began the trading day Wednesday at $5.10 per share.