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Wednesday, November 30, 2022

B.Riley To Invest USD 100 Million In Iris Energy

Iris Energy intends to purchase hardware for mining, constructing advanced data centers, and other initiatives for growth, from sale as suggested by its filing. 

Iris Energy of Australia has inked an agreement with the American capital market company B.Riley with an option of purchasing 2500000 of its ordinary shares worth USD 100 million.

B.Riley And Iris Energy Cement A Deal

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As per the details filed before The United States Securities and Exchange Commission on Friday, Iris Energy, a crypto mining firm based in Australia has signed a contract with B.Riley Principal Capital II, to purchase 2500000 of its ordinary shares. The value of the shares is worth about USD 100 million.

The agreement states that B.Riley will have 2 years to wrap up the purchase of 2500000 shares, starting effectively from the date of completion of registration formalities. As part of its offer, Bitcoin mining firm Iris Energy plans to issue 198,174 of its ordinary shares as its firm commitment.

Iris Energy was listed following the funding of USD 200 million in November 2021 on the National Stock Exchange (Nasdaq). The initial public offer made was in the year 2021 sometime in October. B.Riley along with Cowen of Iris Energy were the joint bookkeepers. 

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As per the filing of Iris Energy, the Australian crypto mining firm plans to use the sale proceeds to invest in the purchase of machinery and initiate the development of data centers and other areas which have not been specifically mentioned as of now and shall be disclosed later on. 

Amidst downturns, in the market, many Bitcoin mining companies in America are having difficulties in finance. While some have sold off their Bitcoin holding or have filed for bankruptcy.

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