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Bitfarms Ltd T.BITF

Alternate Symbol(s):  BITF

Bitfarms Ltd. is a Canada-based global vertically integrated bitcoin mining company. The Company develops, owns, and operates vertically integrated mining farms with in-house management and Company-owned electrical engineering, installation service, and multiple onsite technical repair centers. The Company’s proprietary data analytics system delivers operational performance and uptime. The Company operates through the cryptocurrency mining segment. The Company operates server farms comprised of computers (Miners) designed for the purpose of validating transactions on the Bitcoin (BTC) Blockchain (Mining). The Company also operates Miners about 24 hours a day producing computational power (measured by hashrate) which it sells to Mining Pools under a formula-driven rate commonly known as Full Pay Per Share (FPPS). The Company has 11 farms, which are located in four countries: Canada, the United States, Paraguay, and Argentina.


TSX:BITF - Post by User

Post by mark6631on Jan 07, 2021 10:32am
152 Views
Post# 32241556

Closed an hour ago!

Closed an hour ago!

Bitfarms Announces Closing of CAD$20.0 Million Private Placement with U.S. Institutional Investors

V.BITF 

Bitfarms Ltd. (“ Bitfarms ”, or the “ Company ”) ( TSXV:BITF ) (U.S.:OTC:BFARF), one of the largest and most productive publicly listed bitcoin mining operations in the world, is pleased to announce that it has closed its previously announced private placement of equity securities (the “ Offering ”). 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.

H.C. Wainwright & Co. received (i) a cash commission equal to 8.0% of the gross proceeds of the Offering and (ii) 711,111 non-transferable broker warrants (the “ Broker Warrants ”), with each Broker Warrant exercisable for one common share of the Company at a price of CAD$2.81 at any time on or before January 8, 2024.


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