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Canadian crypto mining company, Bitfarms Ltd. has announced entering an agreement of CA$40 million in a private placement with U.S. institutional investors for its equity securities of 11,560,695 common shares. The agreement includes an additional warrant of purchasing the common shares at a purchase price of CA$3.46 per share and an exercise period of three and one-half years. H.C. Wainwright & Co. is the exclusive placement agent for the private placement in the United States.
Bitfarms to Utilize the Net Proceeds for Further Growth
The net proceeds of the private placement will be utilized by the publicly listed Bitcoin mining operation to acquire sophisticated miners, expand and grow its infrastructure while improve its working capital position.
In an announcement release, Emiliano Grodzki, CEO of Bitfarms, said:
“We are pleased to announce our third financing, having just closed two financings in January of CAD$20.0 million each. This additional financing will allow us to further grow our miner count and expand infrastructure. We are very pleased to continue to expand our institutional presence in the United States.”
The private placement is expected to close on or about February 10, 2021, subjected to the customary closing conditions and approval of the TSX Venture Exchange.
Bitfarms Provides Infrastructure for Approx 1% of the Entire Mining Industry
Bitfarms is one of the largest public bitcoin mining operations in the world and is listed on the TSX Venture Exchange. The mining farm was initially founded in 2017 with five industrial scale facilities across Quebec, Canada. Bitfarms has been accredited for providing infrastructure activities of approximately 1% of the entire Bitcoin mining industry, including the daily amount of Bitcoin mined.
Bitfarms runs vertically integrated mining operations with onsite technical repair, data analytics and engineers to deliver the computing power needed to drive the rapid growth of the global decentralized financial economy. The crypto mining operation has further vouched to provide 3 Exahash of computing power by the end of the year.