Voyager Digital provides a market update

NEW YORK, June 27, 2022 /PRNewswire/ – Voyager Digital Ltd. (“Voyager” or the “Company”) (TSX: VOYG) (OTCQX: VYGVF) (FRA: UCD2) today announced that its operating subsidiary, Voyager Digital LLC, has issued a Notice of Default to Three Arrows Capital (“3AC”) for failing to make required payments on its previously disclosed loan of 15,250 BTC and $350 million USDC. Voyager intends to pursue recovery from 3AC and is in discussions with the Company’s advisors regarding available legal remedies.

The platform continues to operate and process customer orders and withdrawals. From June 24, 2022Voyager had about US$137 million money and crypto assets held on hand. The Company also has access to previously announced announcements $200 million USDC cash and revolver and a 15,000 BTC revolver from Alameda Ventures Ltd.

The company has accessed $75 million of the line of credit made available by Alameda and can continue to use the Alameda facilities to facilitate customer orders and withdrawals, as required. Failure of 3AC does not result in default in agreement with Alameda.

“We are working diligently and expeditiously to strengthen our balance sheet and seek options so that we can continue to meet client liquidity demands,” said Stephen EhrlichVoyager CEO.

As part of this process, the Company has engaged Moelis & Company as financial advisors.

About Voyager Digital Ltd.

The American subsidiary of Voyager Digital Ltd. (TSX: VOYG) (OTCQX: VYGVF) (FRA: UCD2), Voyager Digital, LLC, is a cryptocurrency platform in United States founded in 2018 to bring choice, transparency and profitability to the market. Voyager offers a secure way to trade over 100 different crypto assets using its easy-to-use mobile app. Through its subsidiary Coinify ApS, Voyager provides crypto payment solutions to consumers and merchants around the world. To learn more about the company, please visit https://www.investvoyager.com.

Forward-looking statements

Certain information contained in this press release, including, but not limited to, statements regarding the company’s future growth and performance, business dynamics, future adoption of digital assets, availability of credit agreement, the impact of 3AC’s default on the Company, including its ability to use the credit agreement, the Company’s liquidity and ability to meet customer orders and withdrawals and the anticipated results of the Company may constitute forward-looking information (collectively, forward-looking statements), which can be identified by the use of terms such as “may”, “will”, “should”, “expect”, “anticipate”, ” plans”, “estimates”, “intends”, “continues” or “believes” (or the negatives) or other similar variants. Forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause Voyager’s actual results, performance or achievements to be materially different from any of its future results, performance or achievements expressed or implied. – understood by forward-looking statements. In addition, we operate in a highly competitive and rapidly changing environment. New risks appear from time to time. It is not possible for our management to predict all risks, nor to assess the impact of all factors on our business or the extent to which any one factor, or combination of factors, may cause results actual differ significantly from those contained in the forecasts. – forward-looking statements we may make. In light of these risks, uncertainties and assumptions, the future events and trends discussed in this press release may not occur and actual results could differ materially and adversely from those anticipated or implied in the forward-looking statements. There is no guarantee that funds available under the Loan Agreement will be available on a timely basis or, even if available, together with any other assets of Voyager, will be sufficient to protect Customer’s assets and there is no assurance that Voyager will satisfy the conditions. necessary to draw down under the credit facility. It is not certain what amount Voyager will be able to recover from 3AC in the event of non-payment and whether 3AC’s default will constitute a default under its credit agreement or the legal remedies available to Voyager in connection with such non-payment. payment or the impact on Voyager’s future business, cash flow, liquidity and prospects as a result of 3AC’s non-payment. Forward-looking statements are subject to the risk that the global economy, industry, or the Company’s business and investments may not perform as expected, that revenue or expense estimates may not be met or may be materially lower or higher than those expected, that the parties to whom the Company lends assets are able to repay such loans in full and in a timely manner, that commercial momentum does not continue or that the demand for negotiation solutions decreases, that the acquisition customers does not increase as expected, product and international expansion does not occur as expected, risks of compliance with laws and regulations that currently apply or become applicable to the company and others risks contained in the Corporation’s public documents, including its MD&A and Annual Information Form (AIF). Factors that could cause the actual results of the Company and its business to differ materially from those described in these forward-looking statements include, but are not limited to, an inability to draw funds from the credit facility or to access to other sources of funding, an increase in customer demands for withdrawals from the platform, any insolvency or similar proceedings involving 3AC, a decline in the market for digital assets or general economic conditions; changes in laws or regulatory approaches, failure or delay in institutional adoption of digital assets and the blockchain ecosystem; changes in cryptocurrency volatility, changes in demand for Bitcoin and Ethereum, changes in the status or classification of cryptocurrency assets, cybersecurity breaches, delay or failure in the infrastructure development for business activities or mandate fulfillment and progression; the inability to increase assets under management, an adverse development regarding an issuer or party to the transaction or the inability to obtain required regulatory approval. Readers are cautioned that assets on the Platform and trading volumes fluctuate and may rise and fall from time to time and that such fluctuations are beyond the Company’s control. Forward-looking statements, past and present performance and trends are not guarantees of future performance, therefore, you should not place undue reliance on any forward-looking statements, current or past performance, or current or past trends. Information identifying the assumptions, risks and uncertainties relating to the Company is contained in its documents filed with the Canadian securities authorities available at www.sedar.com. The forward-looking statements contained in this press release speak only as of the date of this release or as of the date specified in the relevant forward-looking statement and the Company undertakes no obligation to update any forward-looking statement to reflect future events. or circumstances. after that date or to reflect the occurrence of unforeseen events, except as required by law. The Company assumes no obligation to provide operational updates, except as required by law. If the Company updates one or more forward-looking statements, no inference should be drawn that it will make additional updates with respect to such or other forward-looking statements, except as required by law. Readers are cautioned that past performance is not indicative of future performance and that current business trends and demand for digital assets may not continue and readers should not place undue reliance on past performance and to current trends. There can be no assurance that the transactions contemplated by the non-binding term sheet will be completed or, if completed, that they will be completed on the agreed terms. There can be no assurance that funds available under the Loan Agreement will be available or, even if available, together with any other assets of Voyager, will be sufficient to protect Customer Assets. If customer demand for withdrawals exceeds the Company’s available cash and its ability to draw on credit facilities, the Company may not be able to meet all customer demands.

The TSX has not approved or disapproved of the information contained herein.

SOURCE Voyager Digital Ltd.

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