Genesis Mining Technologies (currently Butte Energy Inc.) Announces Increase and Full Subscription of Private Placement

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VANCOUVER, BC and BIRKIRKARA, Malta, Feb. 19, 2021 /CNW/ - Butte Energy Inc. (TSXV: BEN.H) (the "Company" or "Genesis Mining Technologies") (being renamed Genesis Mining Technologies Corp.) is pleased to report that its non-brokered private placement of subscription receipts ("Subscription Receipts"), as previously announced on February 12, 2021 (the "Private Placement"), has been increased to a total of 55 million Subscription Receipts at a price of C$1.00 per Subscription Receipt for gross proceeds of C$55,000,000, subject to the approval of the TSX Venture Exchange (the "Exchange").

The Private Placement is fully subscribed, and funds will be held in escrow until the closing of the business combination transaction with Genesis Group Limited previously announced on February 12, 2021 (the "Transaction"). A finder's fee of up to 6% of gross proceeds of the Private Placement will be paid in cash to certain finders at closing of the Transaction.

"Our vision is to bring our nearly decade of experience, know-how, and most importantly proprietary technology, to the growing yet under-served ecosystem of crypto mining farm operators. There are few companies in the world that have the level of experience profitably mining cryptocurrency that we have. We're pleased but not surprised to see that investors value our experience and are excited about this opportunity," said Tillmann Korb, incoming Chief Executive Officer of the Company.

"While the future of the world seems more unclear than ever these days, we strongly believe the future will be decentralized. We believe miners will be the backbone powering this revolution and are excited to provide them with a suite of solutions to help them do so as efficiently as possible," said Marco Streng, Founder and CEO of Genesis Mining Group and incoming Chairman of the Company.

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Completion of the transaction is subject to a number of conditions, including but not limited to, Exchange acceptance and if applicable, disinterested shareholder approval. Where applicable, the transaction cannot close until the required shareholder approval is obtained. There can be no assurance that the transaction will be completed as proposed or at all.

Investors are cautioned that, except as disclosed in the management information circular or filing statement to be prepared in connection with the Transaction, any information released or received with respect to the Transaction may not be accurate or complete and should not be relied upon. Trading in the securities of the Company should be considered highly speculative.

The Exchange has in no way passed upon the merits of the Transaction and has neither approved nor disapproved the contents of this news release. Neither the Exchange nor its Regulation Services Provider (as that term is defined in policies of the Exchange) accepts responsibility for the adequacy or accuracy of this news release.

ON BEHALF OF Butte Energy Inc.
(to be renamed GENESIS MINING TECHNOLOGIES CORP.)

"Geir Liland"

CEO and Director

Forward-Looking Information

Except for the statements of historical fact, this news release contains "forward-looking information" within the meaning of the applicable securities legislation that is based on expectations, estimates and projections as at the date of this news release. "Forward-looking information" in this news release includes statements about completion of the Transaction, Consolidation, Financing and Name Change; the business model, goals and objectives of the Company, and other forward-looking information includes but is not limited to information concerning the intentions, plans and future actions of the parties to the transactions described herein and the terms thereon.

Factors that could cause actual results to differ materially from those described in such forward-looking information include, but are not limited to, risks related to the Company's ability complete the Transaction, Consolidation, Financing and Name Change, including obtaining approval from the Exchange and the Company's shareholders, if required; the cryptocurrency market generally; and the ongoing effects of the COVID-19 pandemic.

The forward-looking information in this news release reflects the current expectations, assumptions and/or beliefs of the Company based on information currently available to the Company. In connection with the forward-looking information contained in this news release, the Company has made assumptions about the Company's ability to complete the Transaction, Consolidation, Financing and Name Change; historical prices of cryptocurrencies and the ability of the Company to mine cryptocurrencies and there will be no regulation or law that will prevent the Company from operating its business. The Company has also assumed that no significant events occur outside of the Company's normal course of business. Although the Company believes that the assumptions inherent in the forward-looking information are reasonable, forward-looking information is not a guarantee of future performance and accordingly undue reliance should not be put on such information due to the inherent uncertainty therein.

Any forward-looking information speaks only as of the date on which it is made and, except as may be required by applicable securities laws, the Company disclaims any intent or obligation to update any forward-looking information, whether as a result of new information, future events or results or otherwise.

SOURCE Butte Energy Inc.

Geir Liland, Tel: [phone]