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FINWIRES

Bitzero to Raise $25 Million in a Private Placement

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Bitzero Holdings (AIBZ-U.CN, AIBZ) on Wednesday said it entered into a securities purchase agreement with certain institutional investors in respect of a private placement for about $25 million.

The company will place 5.8-million special warrants at $4.25 apiece. Each five-year warrant will be exercisable immediately to buy a share for $5.00.

Proceeds will be used for the repayment of certain outstanding indebtedness, continued development of its product and service offerings, potential future acquisitions, working capital and general corporate needs, it said. The company has also agreed to enter into a registration rights agreement with these investors.

Shares of the company were last seen up 2.2% at $5.10 on the Canadian Securities Exchange.

Price: $5.10, Change: $+0.11, Percent Change: +2.20%

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