Bitfarms Conducts A Second $20.0 Million Financing With US Institutions
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.
As the founder of The Deep Dive, Jay is focused on all aspects of the firm. This includes operations, as well as acting as the primary writer for The Deep Dive’s stock analysis. In addition to The Deep Dive, Jay performs freelance writing for a number of firms and has been published on Stockhouse.com and CannaInvestor Magazine among others.
