TORONTO and BROSSARD, Québec, Feb. 07, 2021 (GLOBE NEWSWIRE) — Bitfarms Ltd. (“Bitfarms”, or the “Firm”) (TSXV:BITF) (U.S.:OTC:BFARF), a Canadian publicly listed bitcoin mining operation, has entered into subscription agreements with sure institutional traders for gross proceeds of roughly CAD$40.0 million in a personal placement in the USA of its fairness securities, comprised of 11,560,695 frequent shares together with warrants to buy an mixture of as much as 11,560,695 frequent shares at a purchase order value of CAD$3.46 per frequent share and related warrant. The warrants have an train value of USD$3.01 per frequent share and train interval of three and one-half years. The web proceeds of the non-public placement might be utilized by the Firm principally to accumulate extra miners, broaden infrastructure, and enhance its working capital place.
The non-public placement is anticipated to shut on or about February 10, 2021, topic to satisfaction of customary closing circumstances and approval of the TSX Enterprise Alternate.
“We’re happy to announce our third financing, having simply closed two financings in January of CAD$20.0 million every (see press releases of January 7 and January 13, 2021). This extra financing will permit us to additional develop our miner depend and broaden infrastructure. We’re more than happy to proceed to broaden our institutional presence in the USA”, stated Emiliano Grodzki, CEO of Bitfarms.
H.C. Wainwright & Co. is performing because the unique placement agent for the non-public placement in the USA.
Bitfarms has sights set on progress and enlargement in direction of its mission to supply 3 Exahash of computing energy by the top of 2021, which is able to proceed to contribute to the speedy progress of the worldwide, decentralized monetary economic system.
The securities being supplied haven’t been, nor will they be, registered beneath the USA Securities Act of 1933, as amended, and such securities will 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 supply, solicitation or sale is illegal.
About Bitfarms Ltd.
Bitfarms is without doubt one of the largest public bitcoin mining operations on the planet and is listed on the TSX-V. Based in 2017 it has 5 industrial scale services throughout Quebec, Canada and is chargeable for infrastructure actions of roughly 1% of all the Bitcoin mining trade and each 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 speedy progress 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 trade, securities fee or different regulatory authority has authorised or disapproved the data contained herein. Neither the TSX Enterprise Alternate nor its Regulation Providers Supplier (as that time period is outlined within the insurance policies of the TSX Enterprise Alternate) accepts duty for the adequacy or accuracy of this launch.
This information launch incorporates sure “forward-looking info” inside the which means of relevant Canadian securities legal guidelines which are primarily based on expectations, estimates and projections as on the date of this information launch. The data on this launch about future plans and targets of the Firm, together with the intention to finish the non-public placement and the anticipated expenditure of the proceeds of the non-public placement, are forward-looking info. Different forward-looking info consists of however will not be restricted to info regarding: the intentions, plans and future actions of the Firm, in addition to Bitfarms’ skill to efficiently mine digital foreign money, income growing as presently anticipated, the flexibility to profitably liquidate present and future digital foreign money stock, volatility of community problem and digital foreign money costs and the ensuing important damaging impression on the Firm’s operations, the development and operation of expanded blockchain infrastructure as presently deliberate, and the regulatory surroundings of cryptocurrency within the Provinces of Canada.
Any statements that contain discussions with respect to predictions, expectations, beliefs, plans, projections, targets, assumptions, future occasions or efficiency (usually however not at all times utilizing phrases akin to “expects”, or “doesn’t count on”, “is anticipated”, “anticipates” or “doesn’t anticipate”, “plans”, “funds”, “scheduled”, “forecasts”, “estimates”, “believes” or “intends” or variations of such phrases and phrases or stating that sure actions, occasions or outcomes “might” or “may”, “would”, “would possibly” or “will” be taken to happen or be achieved) should not statements of historic truth and could also be forward-looking info and are meant to determine forward-looking info.
This forward-looking info is predicated on cheap assumptions and estimates of administration of the Firm on the time it was made, and includes recognized and unknown dangers, uncertainties and different elements which can trigger the precise outcomes, efficiency or achievements of the Firm to be materially totally different from any future outcomes, efficiency or achievements expressed or implied by such forward-looking info. Such elements embrace, amongst others: the Firm’s skill to acquire all approvals required in reference to the non-public placement and efficiently full the non-public placement; dangers referring to the worldwide financial local weather; dilution; the Firm’s restricted working historical past; future capital wants and uncertainty of extra financing; the aggressive nature of the trade; foreign money trade dangers; the necessity for the Firm to handle its deliberate progress and enlargement; the consequences of product improvement and want for continued expertise change; safety of proprietary rights; the impact of presidency regulation and compliance on the Firm and the trade; community safety dangers; the flexibility of the Firm to keep up correctly working programs; reliance on key personnel; international financial and monetary market deterioration impeding entry to capital or growing the price of capital; and risky securities markets impacting safety pricing unrelated to working efficiency. As well as, specific elements which may impression future outcomes of the enterprise of Bitfarms embrace however should not restricted to: the development and operation of blockchain infrastructure might not happen as presently deliberate, or in any respect; enlargement might not materialize as presently anticipated, or in any respect; the digital foreign money market; the flexibility to efficiently mine digital foreign money; income might not enhance as presently anticipated, or in any respect; it will not be attainable to profitably liquidate the present digital foreign money stock, or in any respect; a decline in digital foreign money costs might have a major damaging impression on operations; a rise in community problem might have a major damaging impression on operations; the volatility of digital foreign money costs; the anticipated progress and sustainability of hydroelectricity for the needs of cryptocurrency mining within the Province of Québec, the flexibility to finish present and future financings, any laws or legal guidelines that can stop Bitfarms from working its enterprise; historic costs of digital currencies and the flexibility to mine digital currencies that might be in line with historic costs; an incapacity to foretell and counteract the consequences of COVID-19 on the enterprise of the Firm, together with however not restricted to the consequences of COVID-19 on the worth of digital currencies, capital market circumstances, restriction on labour and worldwide journey and provide chains; and there might be no regulation or legislation that can stop Bitfarms from working its enterprise. The Firm has additionally assumed that no important occasions happen exterior of the Bitfarms’ regular course of enterprise. Though the Firm has tried to determine essential elements that might trigger precise outcomes to vary materially, there could also be different elements that trigger outcomes to not be as anticipated, estimated or meant. There could 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 mustn’t place undue reliance on forward-looking info. The Firm undertakes no obligation to revise or replace any forward-looking info apart from as required by legislation.