Bitfarms Secures $20.0 Million Investment From US Institutions

Bitfarms Ltd (TSXV: BITF) this morning announced that it has secured a private placement with institutional investors from the United States. In total, the institutions have agreed to subscribe to C$20.0 million worth of the firms equity in a private placement.

The private placement will see units of the company sold at $2.25 each. Each unit consists of one common share and one common share purchase warrant, with each warrant having an exercise price of $2.75 and an expiry of 3 years. A total of 8.9 million units of the company are to be sold under the offering as a result.

Proceeds from the financing are to reportedly be used for the acquisition of additional miners, the expansion of infrastructure, and for general working capital. The placement is expected to close by January 6, 2021.

Bitfarms last traded at $2.50 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.

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