Peterson McVicar Acts for Bitfarms in At-The-Market Equity Program
On August 16, 2021 Bitfarms Ltd. (“Bitfarms”, or the “Company”) announced that it had entered into an at-the-market offering agreement dated August 16, 2021 (the “ATM Agreement”) with H.C. Wainwright & Co., LLC (the “Agent”) as agent, pursuant to which the Company established an at-the-market equity program (the “ATM Program”). Pursuant to the ATM Program, the Company may, at its discretion and from time-to- time during the term of the ATM Agreement, sell, through the Agent, such number of common shares of the Company (“Common Shares”) as would result in aggregate gross proceeds to the Company of up to US$500 million. Sales of Common Shares, if any, through the Agent will be made through “at-the-market” issuances, including without limitation, sales made directly on the Nasdaq Stock Market or another trading market for the shares in the United States at the market price prevailing at the time of each sale. No Common Shares will be offered or sold under the ATM Program on the TSX Venture Exchange or any other trading market in Canada. The ATM Program may be terminated by either party at any time. The Company intends to use the net proceeds of the ATM Program, if any, principally for working capital requirements, funding ongoing operations, repaying indebtedness outstanding from time to time, completing future acquisitions, and for other corporate purposes. Founded in 2017, Bitfarms is a Bitcoin mining company, running vertically integrated mining operations with onsite technical repair, proprietary data analytics and Company-owned electrical engineering and installation services to deliver high operational performance and uptime.
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