BIT Mining, a Bitcoin mining corporate and proprietor of the BTC.com mining pool, introduced that it has entered into securities acquire agreements with make a selection traders to lift $ 50 million in a non-public placement.
Below the phrases of the location, which doesn’t come with a public providing and is predicted to near round July 16, 2021, BIT Mining will factor 100 million Magnificence A not unusual stocks at a purchase order value of $ five in keeping with ten stocks.
The fee already features a warrant in keeping with proportion, which traders can use to buy further stocks at a later date. The warrants have a time period of 3 years and will also be exercised six months after their date of factor at a value of USD 6.81 in keeping with ten stocks. As well as, upon assembly sure undisclosed prerequisites, an investor may just convert ten stocks into one American Depositary Percentage (ADS) of the Corporate.
BIT Mining plans to make use of the proceeds of the personal placement to enlarge its Bitcoin mining actions international. Following the new raids on Bitcoin in China, the corporate has advanced an “in another country deployment technique” that dictates how it’s going to transfer its industry to extra hospitable international locations. BIT started relocating a few of its mining rigs to Kazakhstan in June after making some investments in Bitcoin knowledge facilities in Texas at a an identical time.
Along with supporting BIT’s international deployment technique, the be offering, whose simplest placement agent H.C. Wainwright & Co. will even permit the Bitcoin mining corporate to procure further mining machines, construct new knowledge facilities, enlarge its infrastructure and make stronger its operating capital place. In consequence, BIT may just additional build up the hash charge capability of its BTC.com mining pool, which these days represents over 11% of the full hash charge of the Bitcoin community.