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Blockchain Mining cancels offering

Nicolas Bonta photo: PR
Nicolas Bonta photo: PR
1 May, 2018 12:10
שלח תגובה במיילRoy Katsiri

The company said that Backbone Hosting Solutions, with which it recently merged, had no immediate need to raise capital.

Blockchain Mining Ltd. reported yesterday that the Canadian company that was recently merged into it, Backbone Hosting Solutions Inc. (which trades as Bitfarms as a digital currency miner) had decided not to proceed with an offering of convertible bonds announced in March.

Blockchain Mining said in its notification to the Tel Aviv Stock Exchange, "Bitfarms is focusing on setting up additional mining farms that will be financed from its current activity." The company told "Globes" that in the end the convertible bonds were not issued and that no capital had been raised. "Bitfarms has no immediate need to raise external capital, and the company's management believes that there are better options, at lower cost. As one of the largest blockchain mining companies in the world, Bitfarms enjoys a strong cash flow, which helps it to finance expansion of its activity and add installations."

The merger between Blockchain Mining (formerly Natural Resource Holdings) and Backbone Hosting Solutions was competed two weeks ago, after being delayed by requirements by the Israel Securities Authority for further information. The merger led to a doubling of the company's market cap on the Tel Aviv Stock exchange to NIS 691 million.

The main shareholders in the company are Nicolas Bonta (28%); Emiliano Grodzki (30%), who is a director of the company and its chief strategy officer; and Roy Sebag (23%), the company's founder and former controlling shareholder, who last week ceased to be its CEO and also resigned from its board of directors. The company says that he will shortly be replaced as CEO by Wes Fulford, who was recently appointed CEO of Backbone Hosting Solutions.

Published by Globes [online], Israel business news - www.globes-online.com - on May 1, 2018

© Copyright of Globes Publisher Itonut (1983) Ltd. 2018

Nicolas Bonta photo: PR
Nicolas Bonta photo: PR
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