Bitfarms Announces CAD$20.0 Million Private Placement

On January 3, 2021 Bitfarms Ltd. (“Bitfarms” or the “Company”) announced that it had entered into subscription agreements with certain institutional investors for gross proceeds of approximately CAD$20.0 million of in a private placement in the United States of its equity securities, comprised of 8,888,889 common shares along with warrants to purchase an aggregate of up to 8,888,889 common shares at a purchase price of CAD$2.25 per common share and associated warrant.  The warrants have an exercise price of CAD$2.75 per common share and exercise period of three years.

The net proceeds of the private placement will be used by the Company principally to acquire additional miners, expand infrastructure, and improve its working capital position.

Bitfarms is one of the largest public bitcoin mining operations in the world and is listed on the TSX-V. Founded in 2017 it has 5 industrial scale facilities across Quebec, Canada and is responsible for mining about 1% of the entire supply of bitcoin. Bitfarms run vertically integrated mining operations with onsite technical repair, data analytics and engineers to deliver the computing power needed to contribute to the rapid growth of the global decentralized financial economy.

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