Bitfarms, a Canada-based crypto mining agency, introduced on Thursday it has closed its beforehand introduced non-public placement of fairness securities. In response to Bitfarms, the Providing was for gross proceeds of roughly CAD$20 million and consisted of the sale of 8,888,889 widespread shares, together with warrants to buy an combination of as much as 8,888,889 widespread shares, at a purchase order value of CAD$2.25 per widespread share and related warrant.
“The warrants have an train value of CAD$2.75 per widespread share and train interval of three years (by way of January 8, 2024). The funds have been raised by way of a completely subscribed non-public placement of Models amongst U.S. institutional buyers.”
H.C. Wainwright & Co. acted because the unique placement agent for the Providing. The web proceeds of the Providing shall be used principally to amass extra miners, increase infrastructure, and enhance its working capital place.
As beforehand reported, Bitfarms notably operates blockchain computing facilities and supplies computing energy to cryptocurrency networks resembling Bitcoin. The corporate operates 5 amenities in Québec.