BitMine Immersion Technologies, Inc. Completes Regulation D Equity Offering and Conversion of all Innovative Digital Investors Debt into Preferred Equity

Rhea-AI Summary

BitMine Immersion Technologies (OTC: BMNR) has successfully closed an equity financing round generating over $5 million, along with the conversion of over $3 million in debt into Series A Preferred Stock. These financial maneuvers are aimed at strengthening BitMine's balance sheet and enhancing its market position despite challenging conditions. The company plans to optimize the deployment of its mining equipment for better asset value, focusing on self-mining, hosting, and joint ventures. This strategic move aims to position BitMine for potential profitability and major exchange trading.

Positive

• Closed over $5 million in equity financing.
• Converted over $3 million in debt to Series A Preferred Stock.
• Strengthened balance sheet aids in potential profitability.

Negative

• Market conditions are challenging for growth.

ATLANTA, Sept. 07, 2022 (GLOBE NEWSWIRE) -- Via NetworkWire -- BitMine Immersion Technologies, Inc. (OTC: BMNR) announces the closing of equity financing via a Regulation D sale of over $5 million in cash and equipment, net of commissions paid to its Investment Bank. Additionally, Innovative Digital Investors Emerging Technology LP ("IDI") has agreed to convert over $3 million in debt to a new class of Series A Preferred Stock. IDI is an entity controlled by Jonathan Bates, Chairman and CEO.

Jonathan Bates, BitMine Chairman and CEO, was quoted as saying- "I am very pleased with the success of our offering, as well as the conversion of debt. The overall market environment has been difficult, which makes this an even greater accomplishment. We now have the key pieces in place to deploy our mining equipment in a manner that best maximizes the value of these assets. Our Balance Sheet is strong and we believe this element is not only an important step toward potential profitability, but also an important step toward applying for trading on a Major Exchange."

BitMine is currently hosting a small number of client miners, and expects to deploy the remaining immersion and mining assets in a combination of self-mining, hosting, and various other joint venture and financing opportunities in order to best maximize the value of its equipment given the sharp recent drop in the value of ASIC mining computers relative to Datacenter and electrical infrastructure assets. 

Forward-Looking Statements:

This press release contains statements that constitute “forward-looking statements.” Forward-looking statements are subject to numerous conditions, many of which are beyond BitMine Immersion Technologies' control, including those set forth in the Risk Factors section of BitMine Immersion Technologies’ Form 8-K filed with the Securities and Exchange Commission (the “SEC”) on September 7, 2022 and any other SEC filings, as amended or updated from time to time. Copies of BitMine Immersion Technologies’ filings with the SEC are available on the SEC’s website at www.sec.gov. BitMine Immersion Technologies undertakes no obligation to update these statements for revisions or changes after the date of this release, except as required by law.

BitMine Immersion Technologies Contact:

Jonathan Bates
Chairman and CEO
info@bitminetech.io

Jonathan Bates
Chairman & CEO
BitMine Immersion Technologies, Inc.
OTC: BMNR
2030 Powers Ferry Road SE
Suite 212
Atlanta, GA 30339

 

FAQ

What was the amount raised by BitMine Immersion Technologies in the recent financing?

BitMine raised over $5 million through equity financing.

What type of stock did BitMine convert its debt into?

BitMine converted over $3 million in debt into Series A Preferred Stock.

Who is the Chairman and CEO of BitMine Immersion Technologies?

Jonathan Bates is the Chairman and CEO of BitMine Immersion Technologies.

What is BitMine's stock symbol?

BitMine's stock symbol is BMNR.

What are BitMine's plans for its mining assets?

BitMine plans to deploy its mining assets through self-mining, hosting, and joint ventures.