Hut 8 raises money for equipment upgrades
By Medicine Hat News on June 26, 2020.
Hut 8 has raised $8.3 million through a syndicate of investment houses to pay for equipment upgrades at its Alberta facilities this summer, the company announced Thursday. The public offering of warrant shares was described as the first prospectus offering by a cryptocurrency company in Canada and was led by Stifel Canada, and included Canaccord Genuity Corp. among others. The data-processing firm, which has major operations in Medicine Hat and earns fees to perform Bitcoin transactions, will use the proceeds to upgrade existing facilities with specialized processing chips from maker MicroBT. They will be delivered between July and November this year, according to a company release. Warrants priced at $1.45 per share have an exercise price of $1.80 any time over the next 18 months. Hut 8 shares, which began the month trading at $1.90, opened trading on Thursday at $1.14. 6-5
