Reading Time: 1 minute
A team of Sadis attorneys led by Partner Paul J. Marino represented Bitfarms Ltd. (“Bitfarms”) in a $20,000,000 strategic debt financing (the “Loan Financing”) which was provided by New York-based Dominion Capital LLC (“Dominion”) and will be made available in four $5,000,000 tranches tied to the ongoing satisfaction of customary covenants and various milestones, including Bitfarms’ infrastructure build-out and associated mining hardware purchases. For more about the deal, click on the link below. https://www.apnews.com/Business%20Wire/a7f91338101248b18059ad859b9f44a8.
Sadis’s deal team consisted of Mr. Marino and Robert Cromwell (Counsel). Peterson McVicar LLP and Blake, Cassels & Graydon S.E.N.C.R.L./s.r.l served as Canadian legal counsel to Bitfarms Ltd. Dentons US LLP served as legal counsel to Dominion.
“The transaction required a great deal of sophistication and understanding of both the credit and cryptocurrency space, and our team, led by Robert, did a great job,” said Mr. Marino.
“We were proud to offer Bitfarms the highest level of service and support as they expand their business,” said Mr. Cromwell.
Bitfarms Ltd. is one of the largest blockchain technology companies in the world through its ownership of Backbone Hosting Solutions Inc. (operating under the name “Bitfarms”), building innovative and efficient infrastructure to support the decentralized financial economy. The Loan Financing will help to fund Bitfarms’ ongoing operational expansion.
SOURCE Sadis & Goldberg LLP
