Bitcoin mining institution Bitfarms is seeking to rise C$60 cardinal (approx. $44 million) from organization investors successful the US, the Canada-based steadfast announced connected Friday.
Bitfarms volition rise the funds via a backstage placement, with gross proceeds from 44.4 cardinal communal shares astatine C$1.35 per share.
Investors volition besides person warrants to acquisition an aggregate of 22.2 cardinal communal shares with an workout terms of C$1.61 ($1.17) per share. The warrants person an workout play of 3 years, Bitfarms said successful a press release connected Friday.
Bitfarms volition usage the backstage placement’s proceeds to get further miners, grow its infrastructure and amended the company’s moving superior position. The firm’s monthly mining output roseate 7.3% successful September.
According to today’s announcement, the backstage placement closes connected November 28, 2023 oregon thereabout, the miner noted.
However, this remains “subject to restitution of customary closing conditions” and needs support from the Toronto Stock Exchange. Meanwhile, New York-based concern slope H.C. Wainwright & Co. volition enactment arsenic the backstage placement’s exclusive agent.
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