Bitfarms Ltd (TSXV: BITF) last night announced that it has closed a previously announced private placement. The financing saw the company raise gross proceeds of C$75.0 million through US institutional investors.
The financing, led by H.C. Wainwright & Co, saw units of the company sold at a price of C$5.30 per each. Each unit contained one common share and three quarters of a common share purchase warrant. Each whole warrant is valid for a period of three years from the date of issuance and contains an exercise price of US$4.87 per share.
Proceeds from the offering are to be used to acquire additional miners, expand infrastructure, and improve working capital of the company. The financing is reportedly in support of the firms intention to achieve a hashrate of 3.0 EH/s this year, and 8.0 EH/s in 2022.
Bitfarms last traded at $5.37 on the TSX Venture.
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