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.
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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.
