Bitfarms Ltd. (TSXV:BITF) announced that it has entered into subscription agreement with institutional investors for private placement of 8,888,889 common shares at a price of CAD 2.25 for gross proceeds of CAD 20,000,000 on January 3, 2021. The company will also issue an aggregate of up to 8,888,889 warrants in the transaction. The warrants have an exercise price of CAD 2.75 per common share and exercise period of three years. The transaction will include participation from United State institutional investors. The transaction is expected to close on or about January 6, 2021, subject to satisfaction of customary closing conditions.