Arcane Crypto raises SEK 61.1 million to enter mining industry

The investment company Arcane Crypto raised SEK 61.1 million (~$7.1 million) from a group of qualified investors via a secondary share issue.

PRESS RELEASE: Arcane Crypto raises 61 mSEK in directed issue — expects to be cash flow positive from year-end 2021.https://t.co/9MGflRUj8o

— Arcane Crypto (@Arcane_Crypto) August 30, 2021

The board fulfilled the target issue of 300,925,294 shares at a subscription price of SEK 0.203 per share. The tranche includes a free warrant — an option to purchase the company’s shares through February 28, 2022 inclusive at SEK 0.2436 per share.

It is expected that once the warrants of the series are fully exercised, the company will receive an additional approximately SEK 73.3 million (~$8.5 million).

According to the press release, Arcane Crypto will use the proceeds to accelerate growth, with particular emphasis on the planned mining business. The firm is already in talks to acquire mining equipment for cryptocurrency mining.

“The proceeds will largely be used to open our mining business, which we view as a highly profitable activity capable of delivering significant returns for the company,” said Arcane Crypto CEO Torbjorn Bull Jensen.

The company expects that investments in mining will help ensure positive cash flow by the end of 2021.

In February 2021, Arcane Crypto made it onto the listing on the Swedish Nasdaq First North via a SPAC-deal.

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