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B. Riley can purchase up to $ 100 million in the miner of the Iris Energy

Bitcoins in the Iris Energy statement, it is said that the company plans to use the revenue from sales to finance growth initiatives, including the purchase of equipment for mining and the development of data processing centers.

The Australian company Iris Energy, engaged in the extraction of cryptocurrencies, signed an agreement with B. Riley, which provides capital market companies with the opportunity to purchase up to 25 million of its shares. According to the statement, on Friday to the US Securities and Exchange Commission, Iris Energy has concluded an agreement with B. Riley Principal Capital II on a “potential offer and sale” up to 25 million ordinary Bitcoin Products (BTC) for $ 100 million . The application states that B. Riley has a 24-month period to complete the purchase, starting "as soon as possible" after the date of entry into force of the registration application. Since IRIS Energy qualified as a “foreign issuer” in accordance with the American legislation on securities, the company said that it intends to follow the “majority of NASDAQ corporate management standards”, while adhering to Australian legislation. The company was already hoping to issue 1974 shares in favor of B. Riley "as compensation for its irrevocable obligation" to acquire additional shares. According to Iris Energy, the company planned to use revenue from sales to finance growth initiatives, including acquiring equipment for mining and developing data processing centers: "At the date of this avenue, we cannot confidently indicate all the specific directions of use and the corresponding amounts that we can direct for these purposes, for any pure receipts that we will receive. Accordingly, we will have a wide freedom of action in relation to how we We will use these receipts. " The shares of the company for cryptocurrency mining were placed on NASDAQ in November 2021 after the round of funding in the amount of $ 200 million. B. Riley Securities, a branch of the company engaged in the capital market, also acted as a joint stronghold digital mining plan for the placement of about 6 million shares on NASDAQ as part of the primary public offer in October 2021. Similar: Maple Finance launches a credit pool in the amount of $ 300 million for firms involved in bitcoin prey Other mining companies located in North America seemed to face financial difficulties against the background of the decline in the market. Core Scientific and Bitfarms sold part of their BTC holdings in July, and Compute North filed a bankruptcy application for chapter 11. However, Cleanspark, which engaged in cryptocurrency mining, concluded a US dollars to buy a Mawson for Bitcoone Enterprise .

#MINING#BUSINESS#BITCOIN MINING
9/24/2022