WASHINGTON (dpa-AFX) – Bitmine Immersion Technologies, Inc. (BMNR), a Bitcoin and ethereum network firm, announced on Monday that it has inked a deal with an institutional investor to sell 5.217 million shares, par value $0.0001 per share, at a price of $70 per share, and warrants to purchase up to 10.435 million shares at $87.50 per share in a registered direct offering.
The share purchase price of $70 per share represents a premium of around 14% to the closing price on September 19. The warrants will be exercisable upon issuance and expire on March 22.
The company expects gross proceeds from the offering of around $365.24 million. The potential future total proceeds from the Warrants represent approximately $913 million from cash exercises.
This is expected to result in total proceeds of around $1.28 billion, combining the common offering and the proceeds from a cash exercise of the Warrants.
The offering is expected to be closed on or about September 23.
BMNR was down by 4.15% at 58.25 in the pre-market trade on the New York Stock Exchange.
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