TORONTO and BROSSARD, Québec, Jan. 13, 2021 (GLOBE NEWSWIRE) — Bitfarms Ltd. (“Bitfarms”, or the “Firm”) (TSXV:BITF) (U.S.:OTC:BFARF), one of many largest and most efficient publicly listed bitcoin mining operations on this planet, is happy to announce that it has closed its beforehand introduced non-public placement of fairness securities (the “Providing”). The Providing was for gross proceeds of roughly CAD$20 million and consisted of the sale of 5,586,593 widespread shares, together with warrants to buy an mixture of as much as 5,586,593 widespread shares, at a purchase order worth of CAD$3.58 per widespread share and related warrant. The warrants have an train worth of USD$3.10 per widespread share and train interval of three and one-half years (via July 15, 2024). The funds have been raised through a totally subscribed non-public placement of items amongst U.S. institutional buyers.
H.C. Wainwright & Co. acted because the unique placement agent for the Providing.
The web proceeds of the Providing can be utilized by the Firm principally to amass further miners, increase infrastructure, and enhance its working capital place.
H.C. Wainwright & Co. obtained (i) a money fee equal to eight.0% of the gross proceeds of the Providing and (ii) 446,927 non-transferable dealer warrants (the “Dealer Warrants”). Every Dealer Warrant will entitle the holder to buy one widespread share at an train worth of USD$3.53 at any time on or earlier than July 15, 2024.
The securities issued below the Providing are topic to customary resale restrictions in the USA with no resale restrictions in Canada.
The securities being supplied haven’t been, nor will they be, registered below the USA Securities Act of 1933, as amended, and such securities might not be supplied or offered inside the USA besides pursuant to an exemption from the registration necessities of the U.S. Securities Act of 1933 and relevant state securities legal guidelines. This press launch doesn’t represent a suggestion to promote or the solicitation of a suggestion to purchase securities, nor shall it represent a suggestion, solicitation or sale in any jurisdiction through which such provide, solicitation or sale is illegal.
About Bitfarms Ltd.
Bitfarms is among the largest public bitcoin mining operations on this planet and is listed on the TSX-V. Based in 2017 it has 5 industrial scale amenities throughout Quebec, Canada and is chargeable for infrastructure actions of roughly 1% of your complete Bitcoin mining business and every day Bitcoin mined. Bitfarms run vertically built-in mining operations with onsite technical restore, information analytics and engineers to ship the computing energy wanted to drive the fast development of the worldwide decentralized monetary economic system.
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Web site: www.bitfarms.com
Buying and selling within the securities of the Firm needs to be thought of extremely speculative. No inventory change, securities fee or different regulatory authority has accepted or disapproved the data contained herein. Neither the TSX Enterprise Trade nor its Regulation Providers Supplier (as that time period is outlined within the insurance policies of the TSX Enterprise Trade) accepts duty for the adequacy or accuracy of this launch.
This information launch accommodates sure “forward-looking data” inside the which means of relevant Canadian securities legal guidelines which might be primarily based on expectations, estimates and projections as on the date of this information launch. The data on this launch about future plans and aims of the Firm and the anticipated expenditure of the proceeds of the Providing, are forward-looking data. Different forward-looking data consists of however just isn’t restricted to data regarding: the intentions, plans and future actions of the Firm, in addition to Bitfarms’ capability to efficiently mine digital forex, income growing as at the moment anticipated, the power to profitably liquidate present and future digital forex stock, volatility of community problem and digital forex costs and the ensuing vital destructive influence on the Firm’s operations, the development and operation of expanded blockchain infrastructure as at the moment deliberate, and the regulatory atmosphere of cryptocurrency within the Provinces of Canada.
Any statements that contain discussions with respect to predictions, expectations, beliefs, plans, projections, aims, assumptions, future occasions or efficiency (typically however not all the time utilizing phrases corresponding to “expects”, or “doesn’t anticipate”, “is predicted”, “anticipates” or “doesn’t anticipate”, “plans”, “finances”, “scheduled”, “forecasts”, “estimates”, “believes” or “intends” or variations of such phrases and phrases or stating that sure actions, occasions or outcomes “could” or “may”, “would”, “would possibly” or “will” be taken to happen or be achieved) are usually not statements of historic reality and could also be forward-looking data and are meant to establish forward-looking data.
This forward-looking data relies on cheap assumptions and estimates of administration of the Firm on the time it was made, and entails identified and unknown dangers, uncertainties and different elements which can trigger the precise outcomes, efficiency or achievements of the Firm to be materially completely different from any future outcomes, efficiency or achievements expressed or implied by such forward-looking data. Such elements embrace, amongst others: dangers referring to the worldwide financial local weather; dilution; the Firm’s restricted working historical past; future capital wants and uncertainty of further financing; the aggressive nature of the business; forex change dangers; the necessity for the Firm to handle its deliberate development and growth; the results of product improvement and wish for continued know-how change; safety of proprietary rights; the impact of presidency regulation and compliance on the Firm and the business; community safety dangers; the power of the Firm to take care of correctly working methods; reliance on key personnel; international financial and monetary market deterioration impeding entry to capital or growing the price of capital; and unstable securities markets impacting safety pricing unrelated to working efficiency. As well as, specific elements which may influence future outcomes of the enterprise of Bitfarms embrace however are usually not restricted to: the development and operation of blockchain infrastructure could not happen as at the moment deliberate, or in any respect; growth could not materialize as at the moment anticipated, or in any respect; the digital forex market; the power to efficiently mine digital forex; income could not enhance as at the moment anticipated, or in any respect; it might not be doable to profitably liquidate the present digital forex stock, or in any respect; a decline in digital forex costs could have a major destructive influence on operations; a rise in community problem could have a major destructive influence on operations; the volatility of digital forex costs; the anticipated development and sustainability of hydroelectricity for the needs of cryptocurrency mining within the Province of Québec, the power to finish present and future financings, any rules or legal guidelines that can stop Bitfarms from working its enterprise; historic costs of digital currencies and the power to mine digital currencies that can be in keeping with historic costs; an lack of ability to foretell and counteract the results of COVID-19 on the enterprise of the Firm, together with however not restricted to the results of COVID-19 on the value of digital currencies, capital market situations, restriction on labour and worldwide journey and provide chains; and there can be no regulation or legislation that can stop Bitfarms from working its enterprise. The Firm has additionally assumed that no vital occasions happen outdoors of the Bitfarms’ regular course of enterprise. Though the Firm has tried to establish vital elements that would trigger precise outcomes to vary materially, there could also be different elements that trigger outcomes to not be as anticipated, estimated or meant. There will be no assurance that such statements will show to be correct as precise outcomes and future occasions may differ materially from these anticipated in such statements. Accordingly, readers shouldn’t place undue reliance on forward-looking data. The Firm undertakes no obligation to revise or replace any forward-looking data aside from as required by legislation.