Public Canadian crypto mining company Hut 8 is looking to raise C$500 million (US$396.6 million) in its latest securities offering.
- According to a short form prospectus filed by the company on April 7, the offering is expected to be conducted on the Toronto Stock Exchange.
- The securities are to be delivered in the form of common shares, debt securities, subscription receipts, warrants and convertible securities.
- They will be offered together as a unit, or any combination thereof, having an initial offer price of up to $500,000,000, according to the prospectus.
- Given the company had negative cash flow from operating activities for the year ended Dec. 31, 2020, Hut 8 said some of the proceeds from the offering could be used to fund any future negative cash flow.
- Last year the mining company sought C$7.5 million (US$5.6 million) to upgrade its fleet of BlockBox bitcoin miners. The company also announced $11.8 million in financing for 5,400 machines from MicroBT in January.
See also: Hut 8 Completes $11.8M Financing for New Bitcoin Mining Machines
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