Crypto Mining Firm Hut 8 Finalizes Terms Of $7.5M Offering To Upgrade Bitcoin Mining Rigs

Hut 8 Mining, North America’s largest crypto miner, has announced that it has finalized the terms of a C$7.5 million ($5.6M USD) financing deal.

In a press release, Hut 8 said that it has entered into an underwriting agreement with a syndicate of underwriters led by Stifel GMP and including Canaccord Genuity Corp., Echelon Wealth Partners Inc. Gravitas Securities Inc., Haywood Securities Inc., and Richardson GMP Limited to sell 5,172,500 units of the company at a price of $1.45 per unit for gross proceeds of $7,500,125.

“The Company has agreed to grant the Underwriters an over-allotment option to purchase up to an additional 15% of the Offering on the same terms, exercisable any time up to 30 days following closing of the Offering, for market stabilization purposes and to cover over-allotments,” Hut 8 said.

According to Hut 8, 100% of funds will be used to purchased latest generation bitcoin mining equipment to upgrade their flagship site Medicine Hat, Alberta, Canada.

The offering is scheduled to close on or about June 25, and is subject to certain conditions including, but not limited to, the receipt of all necessary approvals, including the approval of the Toronto Stock Exchange.