BIT Mining, a bitcoin mining firm and proprietor of the BTC.com mining pool, has introduced that it has reached securities buy agreements with choose buyers to lift $50 million in a personal placement.
Below the phrases of the position, which is not going to contain a public providing and is predicted to shut round July 16, 2021, BIT Mining will concern 100 million Class A odd shares at a purchase order worth of $5 per ten shares.
Already included within the worth is one warrant per share, which buyers can use to buy further shares later. The warrants could have a time period of three years and shall be exercisable six months following their issuance date, at $6.81 per ten shares. Moreover, upon the satisfaction of sure undisclosed circumstances, an investor would be capable of convert ten shares into one “American Depositary Share” (ADS) of the corporate.
BIT Mining plans to make use of the proceeds of the non-public placement to broaden its bitcoin mining operations worldwide. After the latest bitcoin crackdowns in China, the corporate has devised an “abroad deployment technique,” which dictates the way it plans to maneuver its operations to extra welcoming international locations. BIT began shifting a part of its mining rigs to Kazakhstan in June, having made some investments in bitcoin knowledge facilities in Texas at an identical time.
Moreover aiding with BIT’s abroad deployment technique, the providing, whose sole placement agent is H.C. Wainwright & Co., may also permit the bitcoin mining agency to accumulate further mining machines, construct new knowledge facilities, broaden its infrastructure and enhance its working capital place. Consequently, BIT may additional enhance the hash fee capability of its BTC.com mining pool, which at the moment accounts for over 11% of the Bitcoin community’s whole hash fee.