Bitcoin mining company Bitfarms reached a private placement subscription agreement of approximately US$43.99 million with US institutional investors

Bitcoin mining company Bitfarms announced that it has reached a subscription agreement with certain institutional investors to conduct a private placement in the United States. The total amount raised is approximately 60 million Canadian dollars (approximately US$43.99 million), including 44,444,446 common shares and a total of up to 22,222,223 shares available for purchase. Warrants for common shares have an exercise period of 3 years. The net proceeds from this private placement will be used primarily to acquire more mining companies, expand infrastructure and improve its working capital position. The private placement is expected to be completed on or about November 28, 2023.