CryptoStar Corp. Announces Closing of Mining Equipment Purchase

TSXV: CSTR

TORONTO, Aug. 24, 2021 /CNW/ - CryptoStar Corp. (TSXV: CSTR) ("CryptoStar" or the "Company"), a cryptocurrency mining and data centre operator, is pleased to announce that, further to its press releases dated March 8, 2021 and March 30, 2021, the Company and a Hong Kong based company (the "Vendor") have closed on the purchase and sale of GPU and ASIC miners capable of a minimum total Hashrate of 25,950 MH/s and 5,510 TH/s respectively. The Company has issued 5,927,151 units ("Units") of the Company to the Vendor at a deemed value of CAD$1,422,516.24 (the "Transaction") and an additional 355,629 Units (the "Finder's Fee") to Chen Peifeng in connection with Transaction.

Each Unit consisted of one common share of CryptoStar (a "Common Share") and one common share purchase warrant of CryptoStar (a "Warrant"). Each Warrant entitles the holder to acquire one Common Share at a price of CAD $0.36 per Common Share for a period of 18 months from the date of issue.

The Transaction, including payment of the Finder's Fee, is subject to TSX Venture Exchange (the "TSXV") approval.

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 cryptocurrency producers in North America and a major supplier of GPU and ASIC miners worldwide.

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.

Forward-Looking Statements

This news release contains forward-looking statements. Forward-looking statements can be identified by the use of words such as, "expects", "is expected", "anticipates", "intends", "believes", or variations of such words and phrases or state that certain actions, events or results "may" or "will" be taken, occur or be achieved. Forward-looking statements include those relating to CryptoStar's plans of becoming one of the lowest cost cryptocurrency producers in North America and a major supplier of GPU and ASIC miners worldwide. Forward-looking statements are not a guarantee of future performance and are based upon a number of estimates and assumptions of management in light of management's experience and perception of trends, current conditions and expected developments, as well as other factors that management believes to be relevant and reasonable in the circumstances. Actual results, performance or achievement could differ materially from that expressed in, or implied by, any forward-looking statements in this press release, and, accordingly, you should not place undue reliance on any such forward-looking statements and they are not guarantees of future results. Forward-looking statements involve significant risks, assumptions, uncertainties and other factors that may cause actual future results or anticipated events to differ materially from those expressed or implied in any forward looking statements. Except as required by law, CryptoStar undertakes no obligation to publicly update any forward-looking statements, whether as a result of new information, future events or otherwise.

SOURCE CryptoStar Corp.

CryptoStar Corp., Attention: David Jellins, President and Chief Executive Officer, Investors: [email protected], Sales: [email protected], W: www.cryptostar.com