TechFlow news, Canadian Bitcoin mining company Bitfarms has raised 60 million Canadian dollars (approximately 44 million U.S. dollars) through a private placement.
The company expects to complete the financing on November 28 by issuing 44 million ordinary shares to certain institutional investors in the United States. The private placement also includes warrants with an exercise price of $1.17 and a term of three years. In the third quarter, Bitfarms raised $31 million, adding to the $37 million raised in the first half of this year, increasing its total number of ordinary shares by more than 16% compared to the beginning of the year.
Net proceeds will be primarily used to purchase mining equipment, expand mining infrastructure, and improve working capital.
As of September 30, Bitfarms' working capital stood at $54 million, a significant improvement from $1.8 million at the end of 2022. According to the October update, the company further reduced its outstanding debt by $1.9 million, bringing the remaining balance at the end of last month to $7.9 million.
