Bitfarms announces C$60M private placement with US institutional investors
BitFarms' C$60 million private placement with US institutional investors will close on or about November 28. The Canadian bitcoin mining company will use the proceeds to buy more miners and expand its infrastructure.
Bitcoin mining company Bitfarms is looking to raise C$60 million (approx. $44 million) from institutional investors in the US, the Canadian-based firm announced on Friday.
Bitfarms will raise the money through a private placement, from gross proceeds of 44.4 million common shares at C$1.35 per share.
Investors will have warrants to purchase a total of 22.2 million shares of common stock at an exercise price of C$1.61 ($1.17) per share. The warrants have an exercise period of three years, Bitfarms said in a press release on Friday.
BitFarms will use the proceeds from the private placement to acquire additional miners, expand its infrastructure and improve the company's working capital level. The company's monthly mineral production rose 7.3 percent in September.
According to today's announcement, the private placement will close on or about November 28, 2023, the miner said.
However, this is “subject to the satisfaction of customary closing conditions” and requires approval from the Toronto Stock Exchange. Meanwhile, New York-based investment bank HC Wainwright & Co. Acts as sole agent for private placement.
