TORONTO – (TSXV:BITF) (U.S.:OTC:BFARF), one of the largest and most productive publicly listed bitcoin mining operations in the world, reported that it has closed its previously announced private placement of equity securities. The Offering was for gross proceeds of approximately CAD$75 million and consisted of the sale of 14,150,944 common shares, along with warrants to purchase an aggregate of up to 10,613,208 common shares, at a purchase price of CAD$5.30 per common share and associated warrant. The warrants have an exercise price of USD$4.87 per common share and exercise period of three years (through May 20, 2024). The funds were raised via a fully subscribed private placement of equity securities among U.S. institutional investors.
H.C. Wainwright & Co. acted as the exclusive placement agent for the Offering.
The net proceeds of the Offering will be used by the Company principally to acquire additional miners, expand infrastructure and improve its working capital position, in support of its plans to increase its hashrate in 2021 to 3.0 EH/s, then grow to 8.0 EH/s in 2022.
Founded in 2017, Bitfarms is a Bitcoin mining company, running vertically integrated mining operations with onsite technical repair, proprietary data analytics and Company-owned electrical engineering and installation services to deliver high operational performance and uptime.
Having demonstrated rapid growth and stellar operations, Bitfarms became the first Bitcoin mining company to complete its long form prospectus with the Ontario Securities Commission and started trading on the TSX-V in July 2019. On February 24, 2021, Bitfarms was honoured to be announced as a Rising Star by the TSX-V.
Bitfarms has a diversified production platform with five industrial scale facilities located in Québec. Each facility is 100% powered with environmentally-friendly hydropower and secured with long-term power contracts. Bitfarms is currently the only publicly traded pure-play mining company audited by a Big Four audit firm.
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