Bitfarms Announces C$60 Million Private Placement for 44.44M Shares at with US Institutional Investors at C$1.35/Share
Portfolio Pulse from Benzinga Newsdesk
Bitfarms Ltd. has entered into subscription agreements with institutional investors for a private placement of approximately C$60 million, issuing 44.44M shares at C$1.35 each. The deal includes warrants for up to 22.22M shares with an exercise price of C$1.61, valid for three years. The funds will be used to purchase miners, expand infrastructure, and improve working capital.
November 24, 2023 | 12:33 pm
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Bitfarms Ltd. has raised C$60 million through a private placement at C$1.35 per share, with additional warrants. This capital raise is aimed at expansion and operational improvements.
The news of the private placement is likely to be viewed positively as it provides Bitfarms with significant capital to invest in growth and operational improvements. This could potentially increase the company's mining capacity and efficiency, leading to higher future revenues. The issuance of new shares could dilute existing shareholders, but the immediate impact is expected to be positive due to the intended use of funds.
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IMPORTANCE 85
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