Bitcoin mining company Bitfarms has reached a private placement subscription agreement with certain institutional investors for approximately $43.99 million

ChainCatcher news, Bitcoin mining company Bitfarms announced that it has reached subscription agreements with certain institutional investors to conduct a private placement in the United States, raising a total of approximately CAD 60 million (about USD 43.99 million), including 44,444,446 common shares and warrants to purchase up to a total of 22,222,223 common shares, with an exercise period of 3 years.

The net proceeds from this private placement will primarily be used to acquire more mining companies, expand infrastructure, and improve its working capital situation. This private placement is expected to be completed around November 28, 2023.