Crypto mining company Iris Energy has just signed a deal with investment bank B. Riley to sell up to $100 million in shares over two years, according to the document filed with the SEC.
According to the company, it could use the proceeds received to fund development initiatives, including equipment purchases and data center construction, as well as general corporate purposes.
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As compensation for the obligations under the agreement, the firm has issued 198,174 shares of common stock to B. Riley.
The company's shares have fallen after the news broke.
US blockchain hosting provider Core Scientific has previously closed a similar deal with B. Riley.
Iris Energy raised $71 million in debt financing in March to buy new mining equipment.