The mining company Iris Energy has signed an agreement with investment bank B. Riley to sell shares to it for up to $100 million over two years. This is disclosed in the documents filed with the U.S. Securities and Exchange Commission.
Iris Energy noted that it may use any proceeds to fund development initiatives, including equipment purchases and the construction of data centres, as well as general corporate purposes.
As consideration for obligations under the agreement, the company issued 198,174 ordinary shares to B. Riley.
The mining company’s securities fell after the news.
Earlier, an analogous deal with B. Riley entered into by the American blockchain-hosting provider Core Scientific.
In March, Iris Energy raised $71 million of debt financing to purchase new mining equipment.
Earlier, the company entered into an agreement with AEP Texas to connect a 600 MW bitcoin-mining data centre to the Texas grid.
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