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CryptoStar Corp. Announces Closing of Non-Brokered Private Placement of Units

TORONTO, July 16, 2020 /CNW/ – CryptoStar Corp. (TSXV: CSTR) (“CryptoStar” or the “Company“), a cryptocurrency mining and data centre operator, today announced that it has closed the private placement announced on July 8, 2020, consisting of the issuance of 5,000,000 units (“Units“) of the Company at a price of $0.05 per Unit by way of a non-brokered private placement (the “Offering“).

Each Unit consists of one common share of CryptoStar (a “Common Share“) and one half of a common share purchase warrant of CryptoStar (each whole warrant, a “Warrant“). Each Warrant entitles the holder to acquire one Common Share at a price of CAD $0.075 per Common Share for a period of twelve months from the date of issue.

The Company paid cash fees and issued Common Shares and non-transferable warrants pursuant to the Offering (the “Finder’s Warrants“) to certain finders. EMD Financial Inc. received $4,725, 40,500 Common Shares and 40,500 Finder’s Warrants. Leede Jones Gable Inc. received $10,500 and 210,000 Finder’s Warrants. Each Finder’s Warrant entitles the holder thereof to acquire one Common Share at a price of $0.075 per Common Share for a period of twelve months from the date of issue.

The Offering is subject to TSX Venture Exchange approval. The securities issued in connection with the Offering will be subject to a four-month hold period, in accordance with applicable securities laws.

CryptoStar intends to use the net proceeds from the Offering for business operations and expansion of its business, and for general working capital purposes.

About CryptoStar Corp.:

CryptoStar has cryptocurrency mining operations with data centres located in the U.S.A. and Canada. CryptoStar is currently dedicated to becoming one of the lowest cost Bitcoin producers in North America.

Neither the TSXV nor its Regulation Services Provider (as that term is defined in the policies of the TSXV) accepts responsibility for the adequacy or accuracy of this press release.

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