Hive Blockchain (TSXV: HIVE) this evening announced that it is conducting a US$100 million at the market financing. The financing is being conducted as a result of the liquidity the company has seen as of late within its equity, with the firm reporting that it was the most liquid stock on the TSX Venture in 2020.
The at the market financing is being conducted in conjunction with Canaccord Genuity, whom will be facilitating the sale of the firms shares directly on the market from time to time. The method of financing was reportedly selected for its cost of capital and flexibility.
In regards to the use of proceeds from the ATM financing, the company has indicated that they “are not determinable in light of the nature of the distribution.” As a result, the firm fell back on the standard working capital and general corporate purposes jargon, while outlining that funds may be used for future acquisitions or to repay indebtedness.
Hive Blockchain last traded at $2.70 on the TSX Venture.
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