Crypto Mining Firm Hut 8 Seeks $396M Raise in Latest Offering
The securities offering is expected to take place on the Toronto Stock Exchange.
Apr 8, 2021 at 9:07 a.m. UTCUpdated Aug 19, 2021 at 8:38 a.m. UTC
:format(webp)/cloudfront-us-east-1.images.arcpublishing.com/coindeskuat/NWFCT7QSDNDPTGQK74AVUO6ZDM.jpg)
Public Canadian crypto mining company Hut 8 is looking to raise C$500 million (US$396.6 million) over a 25-month period via 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.
13:18
Bitcoin Mining in the U.S. Will Become 'a Lot More Decentralized': Core Scientific CEO
05:10
Binance to Discontinue Its Nigerian Naira Services After Government Scrutiny
04:07
The first video of the year 2024
40:07
The last regression video of the year 3.67.0
UPDATE (April 16, 2021, TK UTC): Clarified Hut 8's offering would happen over a 25 month period.
STORY CONTINUES BELOW
:format(webp)/downloads.coindesk.com/arc/failsafe/user/1x1.png)