Investment company Arcane Crypto has raised $7.1 million from a group of qualified investors through an additional share issue.
The company's board of directors has issued 300,925,294 shares at a subscription price of SEK 0.203 per share. The share includes a free warrant entitling the holder to purchase the company's shares up to and including February 28, 2022 at a price of SEK 0.2436.
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The company is expected to receive about SEK 73.3 million (about $8.5 million) upon full exercise of the series warrants.
The company reportedly plans to use the funds to boost its growth by focusing on the crypto mining business it is building. Notably, the company is already in talks with several companies to acquire mining devices.
With this business the company expects to secure a positive cash flow from the end of 2021.