Bitfarms Announces CAD$75.0 Million Private Placement with U.S. Institutional Investors

TORONTO, Ontario and BROSSARD, Québec, May 17, 2021 (GLOBE NEWSWIRE) -- Bitfarms Ltd. (“Bitfarms”, or the “Company”) (TSXV: BITF // OTC:BFARF) announces it has entered into subscription agreements with certain institutional investors for gross proceeds of approximately CAD$75.0 million in a private placement in the United States, comprised of 14,150,944 common shares at CAD$5.30 per common share along with warrants to purchase an aggregate of up to 10,613,208 common shares. The warrants have an exercise price of USD$4.87 per common share and exercise period of three years. The net proceeds of the private placement will be used by the Company mainly to acquire additional miners, expand infrastructure, and improve its working capital position, in support of its plans to more than triple its hashrate in 2021 to 3.0 EH/s, then grow to 8.0 EH/s in 2022.

The private placement is expected to close on or about May 20, 2021, subject to satisfaction of customary closing conditions and approval of the TSX Venture Exchange.

H.C. Wainwright & Co. is acting as the exclusive placement agent for the private placement in the United States.

About Bitfarms Ltd.

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.

Having demonstrated rapid growth and stellar operations, Bitfarms became the first Bitcoin mining company to complete its long form prospectus with the Ontario Securities Commission and started trading on the TSX-V in July 2019. On February 24, 2021 Bitfarms was honoured to be announced as a Rising Star by the TSX-V.

Bitfarms has a diversified production platform with five industrial scale facilities located in Québec. Each facility is 100% powered with environmentally friendly hydro power and secured with long-term power contracts. Bitfarms is currently the only publicly traded pure-play mining company audited by a Big Four audit firm.

To learn more about Bitfarms’ events, developments, and online communities:

Website: www.bitfarms.com

https://www.facebook.com/bitfarms/
https://twitter.com/Bitfarms_io
https://www.instagram.com/bitfarms/
https://www.linkedin.com/company/bitfarms/

Defined Terms

Cautionary Statement

Trading in the securities of the Company should be considered highly speculative. No stock exchange, securities commission or other regulatory authority has approved or disapproved the information contained herein. Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.