11:57 AM EDT, 10/01/2024 (MT Newswires) -- Hut 8 ( HUT ) shares were last seen down 5.7% after the bitcoin miner on Tuesday said it is paying a outstanding US$38-million loan owed by a subsidiary to Anchorage Lending with shares.

The company said it is issuing Anchorage an unspecified number of shares with a deemed price of US$16.395 each. The share price represents a 51% premium to Hut 8's ( HUT ) 20-day volume-weighted average price through Sept. 26.

Upon closing, Hut 8 ( HUT ) said the outstanding loan and all other related obligations of the company and its subsidiaries have been satisfied.

"With a strengthened balance sheet and decreased leverage, we believe we are even better positioned to advance discussions with prospective counterparties and execute on the development of next-generation mining and AI data centers," Hut 8 ( HUT ) chief executive Asher Genoot said.

Hut 8 ( HUT ) shares were last seen $0.94 to $15.64 on the Toronto Stock Exchange.

Price: 15.66, Change: -0.92, Percent Change: -5.55