Bitfarms Ltd (TSXV: BITF) continues to see strong demand for its equity given the current momentum within the cryptocurrency sector. The company this morning announced the closing of a second private placement with US institutional investors for C$20.0 million. The announcement follows a similar closing announced just last week.
The latest financing will see 5.6 million units of the company issued at a price of $3.58 each, a significant improvement from the $2.25 per unit received last week. Each unit comes with one common share and one whole purchase warrant, with each warrant valid for a period of three and a half years at an exercise price of $3.10 per common share.
Net proceeds from the financing are to be used to expand infrastructure, acquire additional miners, and for working capital purposes.
The financing is currently anticipated to close on January 13, 2020.
Bitfarms Ltd last traded at $3.97 on the TSX Venture.
Information for this briefing was found via Sedar and Bitfarms Ltd. The author has no securities or affiliations related to this organization. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.
