Bitfarms to invest CAD$20mn in the US

  • It has in total 8,888,889 common shares
  • The warrants per common share price is CAD$2.75 for a period of three years.

Bitfarms has partnered with the institutional investors and as per the agreement with them, the company will be given an opportunity to use the gross proceeds of CAD$20million in a private placement in the US.

Bitfarms, one of the largest public bitcoin mining operations in the world has signed a subscription agreement with some institutional investors. According to this agreement nearly CAD$20million of the gross proceeds will be given in the private placement in the US of its equity securities. It has in total 8,888,889 common shares and warrants to purchase an aggregate of up to 8,888,889 common shares. The purchase price of per common share and associated warrant is CAD$2.25.

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The price of warrants per common share is CAD$2.75. This is for a period of three years. To improve its working capital, infrastructure expansion, and acquisition of more miners is on the mind of the company. This all will be done with the net proceeds of private placement which will be used by the company.

The private placement will be closed by January 6 2021. Emiliano Grodzki, CEO, Bitfarms said that he is pleased to welcome the investors and that the company is focusing on growing more miners. The company is excited to be a part of the crypto mining industry. The company feels ecstatic to have established an institutional presence in the US.

With a vision to expand in the US market, Bitfarms has set an expansion mission to provide three Exahash of computing power by the end of this year. The mission of the company will continue to contribute to the rapid growth of the global, decentralized financial economy. The exclusive placement agent acting for the company is H.C. Wainwright & Co.

Bitfarm is listed on the TSX-V. The company was formed in 2017. It has in total 5 industrial scale facilities in Quebec and Canada. The company mines around 1% of the entire supply of bitcoin. The company has varied operational facilities and among them are the vertically integrated mining operations with onsite repair, data analytics and engineers to deliver the computer power needed to add to the rapid growth of the global decentralized financial economy.

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Steve Anderrson
Steve Anderson is an Australian crypto enthusiast. He is a specialist in management and trading for over 5 years. Steve has worked as a crypto trader, he loves learning about decentralisation, understanding the true potential of the blockchain.

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