Bitfarms (BLLCF) Announces Filing of Preliminary Prospectus by Operating Subsidiary

Bitfarms Ltd BLLCF

MONTREAL & RAMAT GAN, Israel — Bitfarms Ltd. (“Bitfarms”, or the “Company”) (TASE: BLLCF.TA) (OTCQX: BLLCF), one of the largest blockchain technology companies in the world through its ownership of Backbone Hosting Solutions Inc., is pleased to announce that it has formally commenced a regulatory process to investigate a potential public listing in Canada.

On November 9, 2018 the Company filed a preliminary prospectus with the Ontario Securities Commission which will be available to the public on November 12, 2018 through Canada’s System for Electronic Document Analysis and Retrieval (“SEDAR”). Details of a potential business arrangement (the “Potential Transaction”) between Bitfarms and a newly created Canadian private company (“Bitfarms Canada”) are described in the prospectus which is anticipated to be available to the public on Monday, November 12, 2018. The prospectus will be found here:

As a Canadian-headquartered and operated company, management is evaluating the potential benefits of participating in the Canadian public markets, which include:

  • The Canadian markets include over 3,000 publicly traded companies which collectively raised over CAD$54B in equity capital during 2017;
  • Canada is home to more than 10 public blockchain infrastructure and cryptocurrency mining companies. Bitfarms’ Canadian peers have benefited from greater visibility, research analyst coverage, trading volumes, and improved access to North American capital markets, one of the world’s largest capital pools for companies seeking growth and expansion capital;
  • Canadian capital markets operate within a stable, world-class financial services environment which includes a vibrant institutional and retail investor base;
  • Canada is viewed as a global leader in blockchain and cryptocurrency technology; and
  • The Proposed Transaction could result in a reduction of administrative and professional fees related to operating and reporting in different jurisdictions.

“We are currently evaluating a listing in Canada as we endeavour to grow Bitfarms’ visibility, improve our access to capital and streamline expenses,” commented Wes Fulford, Chief Executive Officer of Bitfarms. “Our analysis suggests that Canada has one of the most active public markets in our emerging industry, with several blockchain infrastructure and cryptocurrency mining companies having listed and raised significant capital over the last twelve months.”

The preliminary prospectus is a “non-offering” filing and no securities are anticipated to be offered pursuant to the preliminary prospectus. The preliminary prospectus includes historical financial statements of Bitfarms Ltd. that are in compliance with the continuous disclosure requirements of the TSX Venture Exchange. At this time, the Company does not have any of its securities listed or quoted on a Canadian exchange and has not applied to list or quote any of its securities. The Potential Transaction remains subject to approvals from the Company’s shareholders, Audit Committee, Board of Directors and Israeli district court.

About Bitfarms Ltd. (formerly Bitfarms Technologies Ltd. and Blockchain Mining Ltd.)

Bitfarms Ltd. (“Bitfarms”), through its transaction with Backbone Hosting Solutions Inc., owns and operates blockchain farms that power the global decentralized financial economy. Bitfarms provides computing power to cryptocurrency networks such as Bitcoin, Bitcoin Cash, Ethereum, Litecoin and Dash, earning fees from each network for securing and processing transactions, 24 hours a day, seven days a week. Since 2013, predecessors to Bitfarms have constructed 4 farms in Québec, Canada, which have 27.5 MW of installed capacity and approximately 200 Ph/s of installed hash-power. Bitfarms’ construction pipeline includes an additional 5 farms with a total of 162.5 MW of power capacity, including current operations.

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