Hive Blockchain To Raise Another US$100 Million Under At The Market Offering
Hive Blockchain (TSXV: HIVE) is once again raising money. The firm on Friday evening announced that it would be conducting yet another at the market financing, after completing a similar financing in March.
The financing will see the company look to raise gross proceeds of US$100 million, following the same sized program completed earlier this year. Proceeds from the offering will be used for the growth and development of the firms crypto mining operation, in addition to working capital and general corporate purposes. The company added that is “wishes to be in a position to capitalize on .. distressed asset sales of mining equipment,” given the current crypto environment.
At current pricing, the financing would amount to approximately 20.9 million common shares being issued. This compares to 27.2 million shares sold under the prior offering. The firm also sold 19.2 million shares in December 2021 for gross proceeds of $115.0 million. The firm however has since conducted a five to one share consolidation, which was done to bring “more institutional visibility because many of their fundamental screens exclude stocks under $5 a share.”
Hive Blockchain last traded at $6.28 on the TSX Venture.
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