- Bitfarms Ltd. (BITF) has entered into subscription agreements with a group of US-based institutional investors
- The private placement will generate gross proceeds of approximately C$75.0 million through the issuance of 14,150,944 common shares at C$5.30 per share
- The net proceeds will be used by Bitfarms primarily to acquire additional miners
- Bitfarms is one of the largest, oldest, and most cost-effective public bitcoin mining operations in the world
- Bitfarms Ltd. (BITF) is down 5.61 per cent, trading at $5.55 per share at 11:30 am ET
Bitfarms Ltd. (BITF) has entered into subscription agreements with certain US-based institutional investors.
The private placement will generate gross proceeds of approximately C$75.0 million. The offering consists of 14,150,944 common shares at C$5.30 per share along with warrants to purchase an aggregate of up to 10,613,208 additional shares.
The warrants are priced at US$4.87 per share and an exercise period of three years.
The net proceeds will be used by Bitfarms to acquire additional miners, expand infrastructure, and improve its working capital position.
Bitfarms plans to more than triple its hashrate in 2021 to 3.0 EH/s, then grow to 8.0 EH/s in 2022.
The private placement is expected to close on or about May 20, 2021, subject to the approval of the TSX Venture Exchange.
H.C. Wainwright & Co. is acting as the exclusive placement agent for the placement in the United States.
Founded in 2017, Bitfarms is a Bitcoin mining company, running vertically integrated mining operations with onsite technical repair, proprietary data analytics and Company-owned electrical engineering and installation services to deliver high operational performance and uptime.
Bitfarms has a diversified production platform with five industrial-scale facilities located in Québec. Each facility is 100% powered with environmentally-friendly hydropower and secured with long-term power contracts.
Bitfarms Ltd. (BITF) is down 5.61 per cent, trading at $5.55 per share at 11:30 am ET.
