Hive Blockchain (TSXV: HIVE) is now cashed up and ready to spend on growth. The firm last night announced the closing of its previously announced private placement, which brought in gross proceeds of $115.0 million.
The financing saw the sale of special warrants at a price of $6.00 per each, with a total of 19.2 million such warrants sold under the financing, including the over allotment option. Each warrant is to convert into one unit of the company, with each unit containing one common share and one half of a common share purchase warrant.
Purchase warrants under the offering are valid for a period of 30 months following the close of the offering, and contain an exercise price of $6.00 per share.
Proceeds from the financing are to be used to support business growth, as well as working capital and general corporate purposes. Specifically, the firm is looking to expand its production beyond 3 exahash in the first part of 2022.
Hive Blockchain last traded at $4.84 on the TSX Venture.
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