• Bitfarms’s C$60 million private placement with US institutional investors closes on or about November 28.
• The Canadian bitcoin mining firm will use the proceeds to acquire buy more miners and expand its infrastructure.

Bitcoin mining company Bitfarms is seeking to raise C$60 million (approx. $44 million) from institutional investors in the US, the Canada-based firm announced on Friday.

Bitfarms will raise the funds via a private placement, with gross proceeds from 44.4 million common shares at C$1.35 per share.

Investors will also have warrants to purchase an aggregate of 22.2 million common shares with an exercise price of C$1.61 ($1.17) per share. The warrants have an exercise period of three years, Bitfarms said in a press release on Friday.

Bitfarms will use the private placement’s proceeds to acquire additional miners, expand its infrastructure and improve the company’s working capital position. The firm’s monthly mining output rose 7.3% in September.

According to today’s announcement, the private placement closes on November 28, 2023 or thereabout, the miner noted.

However, this remains “subject to satisfaction of customary closing conditions” and needs approval from the Toronto Stock Exchange. Meanwhile, New York-based investment bank H.C. Wainwright & Co. will act as the private placement’s exclusive agent.