Bit Mining Secures $9.3 Million Registered Direct Offering From Institutional Investors – Mining Bitcoin News

Bit Mining Limited today announced that it entered a direct registration for $9.3 million with certain institutional investors. Bit Mining said that they plan to make use of the proceeds to improve infrastructure and to purchase new mining machines.

Bit Mining to Use Fresh Capital for Expansion, Mining Rigs, and Improving the Firm’s Working Capital Position

Bit Mining Limited (NYSE : BTCM), a crypto mining firm, has made it public that it has signed a securities purchase contract with institutional investors. Bit Mining provides crypto mining services, as well as a mining pool (Bee Computing) and mining-rig manufacturing., which offers bitcoin and other mining services, is operated and owned by the company. Prospectus says that the company’s latest offering, worth $9.3 million, will close in August 18th.

“The purchase and sale of 15,566,665 of the company’s American Depositary Shares (ADSs), Series A warrants to purchase up to an aggregate of 15,566,665 ADSs, and Series B warrants to purchase up to an aggregate of 15,566,665 ADSs, at a combined purchase price of US$0.60 per ADS and associated warrants, in a registered direct offering. Each ADS represents ten Class A ordinary shares, par value US$0.00005 per share, of Bit Mining,” the company detailed on Wednesday.

Funding of $9.3 million will be used to increase operations and invest into mining equipment. The capital will also go towards improving “working capital position and [investing] in new business opportunities.”

Bit Mining Secures $9.3 Million Registered Direct Offering From Institutional Investors

Bit Mining’s shares are down 97.72% from the all-time high recorded on March 7, 2014. Year-over-year data shows Bit Mining’s net income is down 123.18%. Bit Mining revealed last year that it had invested $9 million in the construction of a 100-MW mining farm in Kazakhstan.

Following that announcement, Bit Mining moved 3,000 mining rigs from China to Kazakhstan following China’s crackdown on bitcoin mining. After moving over 3,000 bitcoin mining devices, Bit Mining moved another 2500 machines to the landlocked transcontinental country in Central Asia/Eastern Europe.

Bit Mining’s latest offering must be approved by the U.S. Securities and Exchange Commission (SEC). Bit Mining will join a number of Bitcoin mining businesses making strategic business decisions in 2022. This includes expanding operations and purchasing new mining machinery.

In this story, tags
9.3 Million in Capital, American Depositary shares, Bee Computing Bit Mining Limited, Buying Mining Rigs.

How do you feel about Bit Mining’s $9.3 Million registered direct offer to grow and purchase new equipment? Comment below and let us know how you feel about the subject.

Jamie Redman

Jamie Redman is the News Lead for News. He also lives in Florida and works as a journalist covering financial technology. Redman is an active participant in the cryptocurrency community from 2011. Since 2011, Redman has been an active member of the cryptocurrency community. Redman has contributed more than 5700 articles to News since September 2015. These articles are about disruptive protocols that are emerging.

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