Bitfarms, a Canada-based crypto mining firm, announced on Thursday it has closed its previously announced private placement of equity securities. According to Bitfarms, the Offering was for gross proceeds of approximately CAD$20 million and consisted of the sale of 8,888,889 common shares, along with warrants to purchase an aggregate of up to 8,888,889 common shares, at a purchase price of CAD$2.25 per common share and associated warrant.
“The warrants have an exercise price of CAD$2.75 per common share and exercise period of three years (through January 8, 2024). The funds were raised via a fully subscribed private placement of Units among U.S. institutional investors.”
H.C. Wainwright & Co. acted as the exclusive placement agent for the Offering. The net proceeds of the Offering will be used principally to acquire additional miners, expand infrastructure, and improve its working capital position.
As previously reported, Bitfarms notably operates blockchain computing centers and provides computing power to cryptocurrency networks such as Bitcoin. The company operates five facilities in Québec.