Publicly traded sustainable Bitcoin (BTC) mining firm Iris Energy has signed a deal with investment bank B. Riley Financial per which the latter can buy up to $100 million in equity over the next two years.
According to the filing with the US Securities and Exchange Commission (SEC), B. Riley can buy up to 25 million Iris Energy shares over two years starting with September 23, stating that,
"Such shares would represent approximately 31.3% of outstanding Ordinary shares as of September 1, 2022."
The company expected to issue 198,174 shares to B. Riley “as consideration for its irrevocable commitment” to purchase more shares.
The agreement will automatically terminate after the 24-months period.
The filing stated that,
We intend to use any proceeds from the Facility to fund our growth initiatives (including hardware purchases and acquisition and development of data center sites and facilities), and for working capital and general corporate purposes.
The company did warn of certain...
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