TORONTO, Ontario and BROSSARD, Québec, Nov. 24, 2023 (GLOBE NEWSWIRE) -- Bitfarms Ltd. (NASDAQ:BITF, TSX:BITF), a global vertically integrated Bitcoin mining company, announces it has entered into subscription agreements with certain institutional investors for gross proceeds of approximately C$60 million in a private placement in the United States, comprised of 44,444,446 common shares at C$1.35 per common share along with warrants to purchase an aggregate of up to 22,222,223 common shares. The warrants have an exercise price of C$1.61 (US$1.17) per common share and exercise period of three years. The net proceeds of the private placement will be used by the Company mainly to acquire additional miners, expand infrastructure, and improve its working capital position.
The private placement is expected to close on or about November 28, 2023, subject to satisfaction of customary closing conditions and approval of the Toronto Stock Exchange.
H.C. Wainwright & Co. is acting as the exclusive placement agent for the private placement.
No securities were offered or sold to Canadian residents in connection with the private placement.
This news release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of the securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction. This news release shall not constitute an offer of securities for sale in the United States. The securities being offered have not been, nor will they be, registered under the United States Securities Act of 1933, as amended, and such securities may not be offered or sold within the United States absent registration under U.S. federal and state securities laws or an applicable exemption from such U.S. registration requirements.
About Bitfarms Ltd.
Founded in 2017, Bitfarms is a global, publicly traded (TSX:BITF) Bitcoin mining company that contributes its computational power to one or more mining pools from which it receives payment in Bitcoin. Bitfarms develops, owns, and operates vertically integrated mining farms with in-house management and company-owned electrical engineering, installation service, and multiple onsite technical repair centers. The Company's proprietary data analytics system delivers best-in-class operational performance and uptime.
Bitfarms currently has 11 farms, which are located in four countries: Canada, the United States, Paraguay, and Argentina. Powered by predominantly environmentally friendly hydro-electric and long-term power contracts, Bitfarms is committed to using sustainable, locally based, and often underutilized energy infrastructure.
To learn more about Bitfarms' events, developments, and online communities:
Website: www.bitfarms.com
https://www.facebook.com/bitfarms/
https://twitter.com/Bitfarms_io
https://www.instagram.com/bitfarms/
https://www.linkedin.com/company/bitfarms/
Glossary of Terms
- BTC BTC/day = Bitcoin or Bitcoin per day
- EH or EH/s = Exahash or exahash per second
- MW or MWh = Megawatts or megawatt hour
- PH or PH/s = Petahash or petahash per second
- TH or TH/s = Terahash or terahash per second
- w/TH = Watts/Terahash efficiency (includes cost of powering supplementary equipment
Cautionary Statement
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