Document:

Exhibit 4.9

 

FORM
51-102F3

 

MATERIAL
CHANGE REPORT

 

		Item
                                         1	Name
                                         and Address of the Company

 

Hut
8 Mining Corp. (the “Company”) 

130
King Street West, Suite 1800 

Toronto,
Ontario 

M5X
2A2

 

		Item
                                         2	Date
                                         of Material Change

 

June
10, 2020 and June 11, 2020

 

		Item
                                         3	News
                                         Release

 

Two
news releases with respect to the material change referred to in this Material Change Report were disseminated by the Company
through newswires on June 10, 2020 and on June 11, 2020 and were subsequently filed on the System for Electronic Document Analysis
and Retrieval (SEDAR).

 

		Item
                                         4	Summary
                                         of Material Change

 

On
June 10, 2020, the Company announced that it had filed a preliminary short form prospectus in connection with an overnight marketed
public offering (the “Offering”) of units of the Company (“Units”). On June 11, 2020, the Company
entered into an underwriting agreement (the “Underwriting Agreement”) with Stifel Nicolaus Canada Inc. (the “Lead
Underwriter”) and Canaccord Genuity Corp., Echelon Wealth Partners Inc., Gravitas Securities Inc., Haywood Securities
Inc., and Richardson GMP Limited (together with the Lead Underwriter, the “Underwriters”).

 

Pursuant
to the Underwriting Agreement, the Company has agreed to sell and the Underwriters have agreed to purchase an aggregate of 5,172,125
Units at a price of $1.45 per Unit (the “Offering Price”), for aggregate gross proceeds of $7,500,125 payable
in cash to the Company against delivery of the Units. The Company has also granted the Underwriters an over-allotment option (the
 “Over-Allotment Option”), exercisable in whole or in part in the sole discretion of the Underwriters for a period
of 30 days from and including the closing date of the offering, to purchase up to 775,900 additional Units (the “Additional
Units”) at a price of $1.45 per Additional Unit. Each Additional Unit shall consist of one common share (each an “Additional
Share”) and one common share purchase warrant (each an “Additional Warrant”). If the Over-Allotment
Option is exercised in full, the aggregate gross proceeds of the Offering will be $8,625,180.

 

		Item
                                         5	Full
                                         Description of Material Change

 

On
June 10, 2020, the Company announced that it had filed a preliminary short form prospectus in connection with the Offering.
On June 11, 2020, the Company announced that it had entered into the Underwriting Agreement in connection with the Offering. The
Company also filed an amended and restated preliminary short form prospectus on June 11, 2020.

    

     

    

Pursuant
to the Underwriting Agreement, the Company has agreed to sell and the Underwriters have agreed to purchase an aggregate of 5,172,500
Units at the Offering Price, for aggregate gross proceeds of $7,500,125 payable in cash to the Company against delivery of the
Units, subject to the terms and conditions of the Underwriting Agreement. The Underwriting Agreement contains customary representations
and warranties and termination provisions.

 

Each
Unit will consist of one common share of the Company and one common share purchase warrant of the Company (each a “Warrant”).
Each Warrant will entitle the holder thereof to purchase one common share (each a “Warrant Share”) at a price
of $1.80 per Warrant Share at any time prior to 5:00 p.m. (Toronto time) on the date that is 18 months following the closing of
the Offering. The Warrants will be created and issued pursuant to the terms of a warrant indenture to be dated as of the closing
of the Offering between the Company and Computershare Trust Company of Canada (the “Warrant Indenture”). The
Warrant Indenture will contain customary anti-dilution provisions.

 

The
Company has also granted the Underwriters the Over-Allotment Option, exercisable in whole or in part in the sole discretion of
the Underwriters for a period of 30 days from and including the closing date of the Offering. The Underwriters can elect to exercise
the Over-Allotment Option for Additional Units only, Additional Shares only, Additional Warrants only, or any combination thereof.
The purchase price for Additional Warrants purchased upon exercise of the Over-Allotment Option is $0.14 per Additional Warrant,
and the purchase price per Additional Share purchased upon exercise of the Over-Allotment Option is $1.31 per Additional Share.

 

		Item
                                         6	Reliance
                                         on subsection 7.1(2) of National Instrument 51-102

 

Not
applicable.

 

		Item
                                         7	Omitted
                                         Information

 

Not
applicable.

 

		Item
                                         8	Executive
                                         Officer

 

The
following senior officer of the Company is knowledgeable about the material change and this material change report, and may be
contacted as follows:

 

Jimmy
Vaiopoulos, Interim CEO 

Telephone:
(647) 256-1992 

Email:
jimmy@hut8mining.com

 

		Item
                                         9	Date
                                         of Report

 

June
22, 2020.

    

     

    

Forward-looking
Statements

 

This
material change report includes “forward-looking information” and “forward-looking statements” within
the meaning of Canadian securities laws and United States securities laws, respectively (collectively, “forward-looking
information”). All information, other than statements of historical facts, included in this material change report that
address activities, events or developments that the Company expects or anticipates will or may occur in the future, including
such things as future business strategy, competitive strengths, goals, expansion and growth of the Company’s businesses,
operations, plans and other such matters is forward-looking information. Forward-looking information is often identified by the
words “may”, “would”, “could”, “should”, “will”, “intend”,
 “plan”, “anticipate”, “believe”, “estimate”, “expect” or similar expressions
and includes, among others, information regarding: completion of the Offering; the intended use of proceeds from the Offering;
expectations regarding future revenues, earnings, capital expenditures and operating and other costs; business strategy and objectives;
market trends; the sufficiency of cash and working capital for future operating activities; expectations for other economic, business,
regulatory and/or competitive factors related to the Company or the bitcoin industry generally; the anticipated timing for the
receipt of licences; anticipated production capacity; and other events or conditions that may occur in the future.

 

Forward-looking
information is not based on historical facts but instead is based on reasonable assumptions and estimates of management of the
Company at the time they were made and involve known and unknown risks, uncertainties and other factors which may cause the actual
results, performance or achievements of the Company to be materially different from any future results, performance or achievements
expressed or implied by such forward-looking information. Such factors include, among others, risks relating to investing in the
Units; discretion in the use of proceeds; the ability to raise additional funds; there being no current market for the Warrants;
investing in the Warrants being speculative; volatility of the market price for the Common Shares generally; risk of dilution;
changes in the price of bitcoin; the Company’s reliance on a limited number of key employees; and fluctuations in energy
prices as well as the risk factors described in the Company’s annual information form dated April 3, 2020 and other filings
with the Canadian securities regulators available under the Company’s profile on SEDAR at www.sedar.com.Exhibit
4.10

 

FORM
51-102F3

 

MATERIAL
CHANGE REPORT

 

		Item
                                         1	Name
                                         and Address of the Company

 

Hut
8 Mining Corp. (the “Company”) 

130
King Street West, Suite 1800 

Toronto,
Ontario 

M5X
2A2

 

		Item
                                         2	Date
                                         of Material Change

 

January
11, 2021

 

		Item
                                         3	News
                                         Release

 

A
news release with respect to the material change referred to in this Material Change Report was disseminated by the Company through
newswires on January 11, 2021 and was subsequently filed on the System for Electronic Document Analysis and Retrieval (SEDAR).

 

		Item
                                         4	Summary
                                         of Material Change

 

On
January 11, 2021, the Company announced that it had entered into a securities purchase agreement for a private placement of its
common shares (“Common Shares”) and warrants to purchase common shares (“Warrants”) to institutional
investors for gross proceeds of CAD$77,500,000 (the “Private Placement”).

 

Pursuant
to the Private Placement, the Company will issue 15,500,000 Common Shares and Warrants to purchase up to 7,750,000 Common Shares
at a purchase price of CAD$5.00 per Common Share and associated Warrant. Each Warrant will entitle the holder to purchase one
Common Share at an exercise price of CAD$6.25 per Common Share at any time prior to the second anniversary of the issuance date.

 

		Item
                                         5	Full
                                         Description of Material Change

 

On
January 11, 2021, the Company announced that it had entered into a securities purchase agreement for the Private Placement of
Common Shares and Warrants to purchase Common Shares to institutional investors for gross proceeds of CAD$77,500,000.

 

Pursuant
to the Private Placement, the Company will issue 15,500,000 Common Shares and Warrants to purchase up to 7,750,000 Common Shares
at a purchase price of CAD$5.00 per Common Share and associated Warrant. Each Warrant will entitle the holder to purchase one
Common Share at an exercise price of CAD$6.25 per Common Share at any time prior to the second anniversary of the issuance date.

 

The
net proceeds of the Private Placement will be used by the Company for working capital and general corporate purposes, including,
without limitation, infrastructure expansion, equipment purchases and repayment of debt.

    

     

    

The
Company has applied to list the Common Shares issued in the Private Placement and the Common Shares underlying the Warrants on
the Toronto Stock Exchange (“TSX”). The Private Placement is expected to close on or about January 13, 2021,
subject to satisfaction of customary closing conditions, including receipt of conditional approval by the TSX for the Private
Placement.

 

H.C.
Wainwright & Co. is acting as the exclusive placement agent for the Private Placement in the United States.

 

		Item
                                         6	Reliance
                                         on subsection 7.1(2) of National Instrument 51-102

 

Not
applicable.

 

		Item
                                         7	Omitted
                                         Information

 

Not
applicable.

 

		Item
                                         8	Executive
                                         Officer

 

The
following senior officer of the Company is knowledgeable about the material change and this material change report, and may be
contacted as follows:

 

Jaime
Leverton, Chief Executive Officer 

Telephone:
(647) 521-7433 

Email:
info@hut8mining.com

 

		Item
                                         9	Date
                                         of Report

 

January
13, 2021.

    

     

    

Forward-looking
Statements

 

This
material change report includes “forward-looking information” and “forward-looking statements” within the
meaning of Canadian securities laws and United States securities laws, respectively (collectively, “forward-looking information”).
All information, other than statements of historical facts, included in this material change report that address activities, events
or developments that the Company expects or anticipates will or may occur in the future, including such things as future business
strategy, competitive strengths, goals, expansion and growth of the Company’s businesses, operations, plans and other such matters
is forward-looking information. Forward-looking information is often identified by the words “may”, “would”,
 “could”, “should”, “will”, “intend”, “plan”, “anticipate”, “believe”,
 “estimate”, “expect” or similar expressions and includes, among others, information regarding: the Company’s
intention to complete the Private Placement and the expected use of proceeds of the Private Placement. Forward-looking information
is not based on historical facts but instead is based on reasonable assumptions and estimates of management of the Company at
the time they were made and involve known and unknown risks, uncertainties and other factors which may cause the actual results,
performance or achievements of the Company to be materially different from any future results, performance or achievements expressed
or implied by such forward-looking information. Such factors include, among others, market and other conditions, risks relating
to investing in the Private Placement; discretion in the use of proceeds; the ability to raise additional funds; there being no
current market for the Warrants; investing in the Company’s securities being speculative; volatility of the market price for the
Common Shares generally; risk of dilution; changes in the price of bitcoin and other cryptocurrency risks; market instability
due to the COVID-19 pandemic; the Company’s reliance on a limited number of key employees; and fluctuations in energy prices as
well as the risk factors described in the Company’s annual information form dated April 3, 2020 and other filings with the
Canadian securities regulators available under the Company’s profile on SEDAR at www .sedar.com.

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