Hut 8 Mining Corp (TSXV: HUT) has completed its previously announced offering with institutional investors. The financing saw the firm raise $77.5 million, with funds believed to predominantly come from US institutions.
A total of 15.5 million units of the company were sold under the offering at a price of $5.00 per unit. Each unit contained one common share and one half warrant, with the warrant being valid for a period of two years and containing an exercise price of $6.25.
Proceeds from the financing are to be used for working capital and general corporate purposes. Potential uses provided by the company also include the repayment of debt, equipment purchases, and infrastructure expansion.
Cash commissions of 6.0% were paid to brokers in connection with the warrants, while 930,000 broker warrants were also issued, containing the same terms as above.
Hut 8 Mining last traded at $6.47 on the TSX.
Information for this briefing was found via Sedar and Hut 8 Mining Corp. 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.
