BIT Mining Raises $50 Million

BIT Mining, a bitcoin mining company and owner of the mining pool, has announced that it has reached securities purchase agreements with select investors to raise $50 million in a private placement.

Under the terms of the placement, which will not involve a public offering and is expected to close around July 16, 2021, BIT Mining will issue 100 million Class A ordinary shares at a purchase price of $5 per ten shares.

Already included in the price is one warrant per share, which investors can use to purchase additional shares later. The warrants will have a term of three years and will be exercisable six months following their issuance date, at $6.81 per ten shares. Furthermore, upon the satisfaction of certain undisclosed conditions, an investor would be able to convert ten shares into one “American Depositary Share” (ADS) of the company.

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