Australian mining company Iris Energy has signed an agreement with affiliate B. Riley Financial, under which the investment bank will acquire 25 million shares of the firm for $100 million.
Investment bank B. Riley Financial has repeatedly stated its interest in supporting or acquiring cryptocurrency companies. B. Riley Principal Capital II affiliate and Iris Energy signed an agreement for a “potential offer and sale of up to 25 million shares.”
The acquisition of assets will be completed after the approval of the US Securities and Exchange Commission (SEC). Under the terms of the agreement, B. Riley has 24 months to complete the purchase from the effective date of the SEC ruling.
Iris Energy said in a statement that the company plans to use the proceeds from the sale of shares to fund development initiatives, including the purchase of mining equipment and expansion of data centers.
In March, a branch of B. Riley Financial issued a $26.5 million promissory note to Greenidge Generation Holdings, which owns a large mining center in upstate New York, to finance the purchase of mining equipment.
Source: Bits
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