Blockchain

HIVE Blockchain Technologies (TSXV:HIVE) has announced it has closed the first tranche of its previously announced private placement of up to $115 million co-led by GMP Securities and Eventus Capital, and including Haywood Securities and PI Financial. As quoted in the press release: The First Tranche consisted of a total of 15,873,100 units (the “Units”) …

HIVE Blockchain Technologies (TSXV:HIVE) has announced it has closed the first tranche of its previously announced private placement of up to $115 million co-led by GMP Securities and Eventus Capital, and including Haywood Securities and PI Financial.
As quoted in the press release:

The First Tranche consisted of a total of 15,873,100 units (the “Units”) sold at a price of C$3.15 per Unit for gross proceeds raised of C$50,000,265. Each Unit consists of one common share (a “Share”) and one Share purchase warrant (a “Warrant”), with each Warrant entitling the holder to purchase one Share at a price of $3.90 until November 14, 2019. The Shares and the Warrants issued under the First Tranche are subject to a hold period expiring April 19, 2018. The Company anticipates that the Warrants will be listed on the TSX Venture Exchange (the “Exchange”) shortly after the hold period expires, subject to meeting the conditions in Exchange approval. In connection with the First Tranche, the Agents received a cash commission equal to 6% of the gross proceeds raised in the First Tranche.
The final closing of the Offering of up to an additional of $65 million (the “Final Tranche”) is expected to be December 29, 2017. Closing of the Final Tranche is subject to certain conditions typical for a transaction of this nature and the receipt of all necessary regulatory approvals, including the approval of the Exchange.
The net proceeds of the Offering are expected to be used to fund the completion of the Sweden Bitcoin Data Centre and the Phase 3 Expansion at the Sweden GPU Data Centre (as described in the Company’s December 13, 2017 news release), and for general working capital purposes.

Click here to read the full press release.

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