Peterson McVicar Acts for Bitfarms in C$60M Private Placement with U.S. Institutional Investors

On November 28, 2023 Bitfarms Ltd. a global vertically integrated Bitcoin mining company, announced
that it has closed a private placement of equity securities (the “Offering”). The Offering was for gross
proceeds of approximately C$60 million and consisted of the sale of 44,444,446 common shares, along
with warrants to purchase an aggregate of up to 22,222,223 common shares, at a purchase price of
C$1.35 per common share and associated one-half warrant. The warrants have an exercise price of
C$1.61 (US$1.17) per common share and exercise period of three years (through November 28, 2026).
The funds were raised via a fully subscribed private placement of equity securities among U.S.
institutional investors.
H.C. Wainwright & Co. acted as the exclusive placement agent for the Offering.
The net proceeds of the Offering will be used by the Company principally to acquire additional miners,
expand infrastructure and improve its working capital position.
The securities issued under the Offering are subject to customary resale restrictions in the United States
with no resale restrictions in Canada.
No securities were offered or sold to Canadian residents in connection with the private placement.
Bitfarms Ltd. (NASDAQ: BITF//TSX: BITF),
Founded in 2017, Bitfarms is a global, publicly traded (NASDAQ/TSX: BITF) Bitcoin mining company that
contributes its computational power to one or more mining pools from which it receives payment in
Bitcoin. Bitfarms develops, owns, and operates vertically integrated mining farms with in-house
management and company-owned electrical engineering, installation service, and multiple onsite
technical repair centers. The Company’s proprietary data analytics system delivers best-in-class
operational performance and uptime.
Bitfarms currently has 11 farms, which are located in four countries: Canada, the United States,
Paraguay, and Argentina.

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