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

According to GlobeNewswire, on November 24th, Bitfarms, a Bitcoin mining company, announced that it had reached a subscription agreement with certain institutional investors for a private placement in the United States, raising a total of approximately CAD 60 million (approximately USD 43.99 million), including 44,444,446 common shares and up to 22,222,223 common share purchase warrants exercisable over a period of three years.
The net proceeds from this private placement will be primarily used for acquiring more mining companies, expanding infrastructure, and improving its working capital. The private placement is expected to be completed around November 28, 2023.