Bitfarms announces C$60M private placement with US institutional investors

11:20 pm
November 24, 2023

**Bitfarms Announces C$60M Private Placement with US Institutional Investors**

Bitcoin mining company Bitfarms is set to raise C$60 million (approx. $44 million) through a private placement with institutional investors in the US. This Canadian firm announced the news on Friday, outlining its plans to leverage the funds for securing additional miners, expanding its infrastructure, and bolstering its overall working capital.

The private placement involves the issuance of 44.4 million common shares at C$1.35 per share, along with warrants enabling investors to purchase 22.2 million common shares at an exercise price of C$1.61 ($1.17) per share, valid for the next three years.

Bitfarms anticipates the private placement to conclude around November 28, 2023, subject to standard closing conditions and approval from the Toronto Stock Exchange. H.C. Wainwright & Co., a New York-based investment bank, is set to serve as the exclusive agent for this private placement.

The company’s move comes following a 7.3% rise in its monthly mining output in September, signaling its intent to further strengthen its position in the competitive bitcoin mining space.

*Source: [CoinJournal](https://coinjournal.net/news/tag/bitcoin-mining/)*

**FAQ**

**What is Bitfarms?**
Bitfarms is a Canadian bitcoin mining company that operates mining facilities to validate bitcoin transactions and secure the network.

**How will Bitfarms utilize the proceeds from the private placement?**
The company plans to use the funds to acquire additional miners, expand its infrastructure, and boost its working capital.

**Who are the institutional investors participating in this private placement?**
Bitfarms has not disclosed the specific names of the institutional investors involved in this private placement.

**Who is acting as the exclusive agent for Bitfarms’ private placement?**
H.C. Wainwright & Co., a New York-based investment bank, will serve as the exclusive agent for Bitfarms’ private placement.

**When is the private placement expected to conclude?**
The private placement is anticipated to close on or around November 28, 2023, pending the fulfillment of customary closing conditions and approval from the Toronto Stock Exchange.


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