UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 6-K
REPORT OF FOREIGN PRIVATE ISSUER
PURSUANT TO RULE 13a-16 OR 15d-16
UNDER THE SECURITIES EXCHANGE ACT OF 1934
For the month of May 2023
Commission File Number: 333-258788
BITFARMS LTÉE
(Exact Name of Registrant as Specified in Its Charter)
18 King Street East, Suite 902, Toronto, Ontario, Canada M5C 1C4
(Address of principal executive offices)
Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40- F.
Form 20-F ☐ Form 40-F ☒
Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1): ☐
Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7): ☐
DOCUMENTS INCLUDED AS PART OF THIS FORM 6-K
See the Exhibits listed below.
| Exhibits | ||
| Exhibit No. | Description | |
| 99.1 | Press release dated May 24, 2023 | |
| 99.2 | Report of voting results dated May 24, 2023 |
1
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
| BITFARMS LTÉE | |||
| Par : | /s/ L. Geoffrey Morphy | ||
| Name: | L. Geoffrey Morphy | ||
| Title: | Président et chef de la direction | ||
Date: May 30, 2023
2
Exhibit 99.1
Bitfarms Announces Results of Annual General and
Special Meeting of Shareholders
Le présent communiqué de presse constitue un « communiqué de presse désigné » aux fins du supplément de prospectus de la société daté du 16 août 2021, à son prospectus simplifié de base daté du 12 août 2021.
Toronto, Ontario and Brossard, Québec (May 24, 2023) - Bitfarms Ltd. (“Bitfarms” or the “Company”) (NASDAQ: BITF//TSX: BITF), a global vertically integrated Bitcoin mining company, today announces the results of its annual general and special meeting of shareholders (the “Meeting”), held virtually on May 24, 2023. A total of 72,262,470 common shares, representing 30.08% of the issued and outstanding common shares of the Company were represented at the Meeting.
Based on the proxies received and the votes cast at the Meeting, six directors (the “Directors”) were elected for the ensuing year. The following is a tabulation of the votes submitted:
| Candidat(e) | Votes pour | Votes contre* | ||||||
| Nicolas Bonta | 36,843,570 | 4,054,758 | ||||||
| Andres Finkielsztain | 34,477,109 | 6,421,219 | ||||||
| Emiliano Joel Grodzki | 23,273,371 | 17,624,957 | ||||||
| Edith M. Hofmeister | 39,753,171 | 1,145,157 | ||||||
| Brian Howlett | 29,372,402 | 11,525,926 | ||||||
| Geoffrey Morphy | 36,859,871 | 4,038,457 | ||||||
| * | Proxies representing a total of 31,364,142 common shares were not voted in respect to the election of directors. |
Les actionnaires ont également voté en faveur du renouvellement du mandat de PricewaterhouseCoopers LLP en tant qu'auditeurs de la Société pour l'année à venir et ont autorisé les administrateurs à fixer leur rémunération, les votes « pour » totalisant 71 810 528 actions ordinaires et les votes « abstention » totalisant 451 942 actions ordinaires.
Avec des votes « pour » totalisant 64 694 009 actions ordinaires et 7 568 461 « contre », les actionnaires ont voté en faveur d'une résolution spéciale approuvant une modification des statuts de la Société pour le regroupement futur des actions ordinaires sur la base d'une (1) action ordinaire post-regroupement pour un maximum de dix (10) actions ordinaires pré-regroupement, si le conseil d'administration de la société le décide à sa seule discrétion, et au moment qui suivra la date de l'Assemblée, comme décrit plus en détail dans la circulaire d'information de la direction datée du 4 avril 2023.
À l'issue de l'Assemblée, les administrateurs ont reconduit dans leurs fonctions les dirigeants suivants de la Société :
| L. Geoffrey Morphy | - | Président et chef de la direction |
| Jeffrey Lucas | - | Directeur financier |
| Benjamin Gagnon | - | Chef des opérations de minage |
| Benoit Gobeil | - | Premier vice-président des opérations & Infrastructure |
| Marc-André Ammann | - | Vice-président des finances & Comptabilité |
| Paul Magrath | - | Vice-président Fiscalité |
| Patricia Osorio | - | Vice-président & Secrétaire corporative |
| Andrea Keen Souza | - | Vice-président des ressources humaines |
| Philippe Fortier | - | Vice-président du développement de l'entreprise |
| Stephanie Wargo | - | Vice-président du marketing & Communications |
| Jeff (Jun Feng) Gao | - | Vice-président de la gestion des risques & Optimisation |
| Damian Luis Polla | - | Directeur général des opérations LATAM |
Please see the report of voting results is available at the Company’s profile at www.sedar.com for the detailed results of the matters voted on by shareholders at the Meeting.
À propos de Bitfarms ltée
Fondée en 2017, Bitfarms est une société mondiale de minage de bitcoins cotée en bourse (NASDAQ/TSX: BITF). Bitfarms développe, possède et exploite des fermes de minage verticalement intégrées avec une gestion interne et des services d'ingénierie électrique et d'installation appartenant à l’entreprise, ainsi que plusieurs centres de réparation technique sur site. Le système d’analyse de données exclusif de l'entreprise offre les meilleures performances opérationnelles et un temps de fonctionnement inégalé.
Bitfarms compte actuellement 10 fermes, situées dans quatre pays : le Canada, les États-Unis, le Paraguay et l’Argentine. Alimenté par des contrats d’électricité hydroélectriques et à long terme principalement respectueux de l’environnement, Bitfarms s’engage à utiliser des infrastructures énergétiques durables, locales et souvent sous-utilisées.
Pour en savoir plus sur les événements, les développements et les communautés en ligne de Bitfarms :
Website: www.bitfarms.com
https://www.facebook.com/BitfarmsFR/
https://twitter.com/bitfarms_fr
https://www.instagram.com/bitfarms_fr/
https://www.linkedin.com/company/bitfarms-fr
2
Glossaire des termes
| ● | BTC BTC/jour = Bitcoin ou Bitcoin par jour |
| ● | EH ou EH/s = Exahash ou exahash par seconde |
| ● | MW ou MWh = Mégawatts ou mégawattheure |
| ● | PH ou PH/s = Petahash ou Petahash par seconde |
| ● | TH ou TH/s = Terahash ou terahash par seconde |
| ● | w/TH = Watts par Terahash |
| ● | KWh = Kilowatt par heure |
Mise en garde
Le commerce des titres de la Société doit être considéré comme hautement spéculatif. Aucune bourse, commission des valeurs mobilières ou autre autorité réglementaire n'a approuvé ou désapprouvé les informations contenues dans le présent document. Ni la Bourse de Toronto, ni le Nasdaq, ni aucune autre bourse de valeurs ou autorité de réglementation n'acceptent la responsabilité de la pertinence ou de l'exactitude de ce communiqué.
Énoncés prévisionnels
Ce communiqué de presse contient certaines « informations prospectives » et « déclarations prospectives » (collectivement, « informations prospectives ») qui sont basées sur des attentes, des estimations et des projections à la date de ce communiqué de presse et qui sont couvertes par des règles refuges en vertu des lois sur les valeurs mobilières du Canada et des États-Unis. Les informations prospectives comprennent, sans s’y limiter, des informations concernant : les intentions, les plans et les actions futures de l’entreprise, ainsi que la capacité de Bitfarms à extraire avec succès de la monnaie numérique, l’augmentation des revenus actuellement prévue, la capacité à liquider de manière rentable les stocks actuels et futurs de la monnaie numérique, la volatilité de la difficulté du réseau et des prix de la monnaie numérique et les répercussions négatives potentielles importantes qui en résulte sur les activités de l’entreprise, la construction et l’exploitation de l’infrastructure de chaîne de blocs élargie comme prévu actuellement, et l’environnement réglementaire pour les cryptomonnaies dans les juridictions applicables.
Toute déclaration impliquant des discussions sur des prédictions, des attentes, des croyances, des plans, des projections, des objectifs, des hypothèses, des événements ou des performances futurs (utilisant souvent, mais pas toujours, des expressions telles que « s'attend à », ou « ne s'attend pas à », « est attendu », « anticipe » ou « n'anticipe pas », « planifie », « budget », « prévu », « estime », « croit » ou « a l'intention » ou des variations de ces mots et expressions ou indiquant que certaines actions, événements ou résultats « peuvent » ou « pourraient », « pourraient », « pourraient » ou « seront » pris en compte, « estime », « croit » ou « a l'intention de » ou des variations de ces mots et expressions ou indiquant que certaines actions, certains événements ou certains résultats « peuvent » ou « pourraient », « pourraient », « pourraient » ou « vont » se produire ou être atteints) ne sont pas des déclarations de faits historiques et peuvent constituer des informations prospectives et sont destinées à identifier les informations prospectives.
3
This forward-looking information is based on assumptions and estimates of management of the Company at the time they were made, and involves known and unknown risks, uncertainties and other factors which may cause the actual results, performance, or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by such forward- looking information. Such factors include, among others, risks relating to: the availability of financing opportunities, risks associated with economic conditions, dependence on management and conflicts of interest, the ability to service debt obligations and maintain flexibility in respect of debt covenants; economic dependence on regulated terms of service and electricity rates; the speculative and competitive nature of the technology sector; dependency on continued growth in blockchain and cryptocurrency usage; lawsuits and other legal proceedings and challenges; conflict of interests with directors and management; government regulations; the global economic climate; dilution; the Company’s limited operating history; future capital needs and uncertainty of additional financing, including the Company’s ability to utilize the Company’s at-the-market equity offering program (the “ATM Program”) and the prices at which the Company may sell Common Shares in the ATM Program, as well as capital market conditions in general; risks relating to the strategy of maintaining and increasing Bitcoin holdings and the impact of depreciating Bitcoin prices on working capital; the competitive nature of the industry; currency exchange risks; the need for the Company to manage its planned growth and expansion; the effects of product development and need for continued technology change; the ability to maintain reliable and economical sources of power to run its cryptocurrency mining assets; the impact of energy curtailment or regulatory changes in the energy regimes in the jurisdictions in which the Company operates; protection of proprietary rights; the effect of government regulation and compliance on the Company and the industry; network security risks; the ability of the Company to maintain properly working systems; reliance on key personnel; global economic and financial market deterioration impeding access to capital or increasing the cost of capital; share dilution resulting from the ATM Program and from other equity issuances; and volatile securities markets impacting security pricing unrelated to operating performance. In addition, particular factors that could impact future results of the business of Bitfarms include, but are not limited to: the construction and operation of facilities may not occur as currently planned, or at all; expansion may not materialize as currently anticipated, or at all; the digital currency market; the ability to successfully mine digital currency; revenue may not increase as currently anticipated, or at all; it may not be possible to profitably liquidate the current digital currency inventory, or at all; a decline in digital currency prices may have a significant negative impact on operations; an increase in network difficulty may have a significant negative impact on operations; the volatility of digital currency prices; the anticipated growth and sustainability of hydroelectricity for the purposes of cryptocurrency mining in the applicable jurisdictions; the inability to maintain reliable and economical sources of power for the Company to operate cryptocurrency mining assets; the risks of an increase in the Company’s electricity costs, cost of natural gas, changes in currency exchange rates, energy curtailment or regulatory changes in the energy regimes in the jurisdictions in which the Company operates and the adverse impact on the Company’s profitability; the ability to complete current and future financings, any regulations or laws that will prevent Bitfarms from operating its business; historical prices of digital currencies and the ability to mine digital currencies that will be consistent with historical prices; an inability to predict and counteract the effects of COVID-19 on the business of the Company, including but not limited to the effects of COVID-19 on the price of digital currencies, capital market conditions, restriction on labour and international travel and supply chains; and, the adoption or expansion of any regulation or law that will prevent Bitfarms from operating its business, or make it more costly to do so. For further information concerning these and other risks and uncertainties, refer to the Company’s filings on www.SEDAR.com (which are also available on the website of the U.S. Securities and Exchange Commission at www.sec.gov), including the annual information form for the year-ended December 31, 2022, filed on March 21, 2023. The Company has also assumed that no significant events occur outside of Bitfarms’ normal course of business. Although the Company has attempted to identify important factors that could cause actual results to differ materially from those expressed in forward-looking statements, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on any forward-looking information. The Company undertakes no obligation to revise or update any forward- looking information other than as required by law.
Contacts :
Relations avec les investisseurs de LHA
David Barnard
+1 415-433-3777
Agence réelle
Lisa Helfer
+1 646-373-9946
Québec Media : Tact
Louis-Martin Leclerc
+1 418-693-2425
4
Exhibit 99.2
Annual Meeting of Shareholders
15 mai 2024
Report on Voting Results
Pursuant to Section 11.3 of
National Instrument 51-102 – Continuous Disclosure Obligations
The annual meeting (the “Meeting”) of shareholders of Bitfarms Ltd. (the “Company”) was held on May 24, 2023. Shareholders holding an aggregate of 72,262,470 common shares of the Company (“Common Shares”), being 30.08% of the issued and outstanding Common Shares as of the record date of April 4, 2023, were present or represented by proxy at the Meeting.
| 1. | Election of Directors |
Based on the proxies received and the votes at the Meeting, all nominees set forth in the Company’s management information circular dated April 4, 2023 were elected as directors of the Company at the Meeting. Detailed results of the votes are set out below:
| Candidat(e) | Votes pour | Votes contre | ||||||
| Nicolas Bonta | 36,843,570 | 4,054,758 | ||||||
| Andres Finkielsztain | 34,477,109 | 6,421,219 | ||||||
| Emiliano Joel Grodzki | 23,273,371 | 17,624,957 | ||||||
| Edith M. Hofmeister | 39,753,171 | 1,145,157 | ||||||
| Brian Howlett | 29,372,402 | 11,525,926 | ||||||
| Geoffrey Morphy | 36,859,871 | 4,038,457 | ||||||
| * | Proxies representing a total of 31,364,142 shares were not voted in respect of the election of directors. |
| 2. | Appointment of Auditors |
Based on the proxies received and the votes at the Meeting, the shareholders of the Company (i) re-appointed PricewaterhouseCoopers LLP (“PWC”) as auditors of the Company, and (iii) authorized the directors of the Company to fix the remuneration of PWC. The outcome of the vote was as follows:
| Votes pour | Votes Withheld | |
| 71,810,528 | 451,942 |
| 3. | Approval of Consolidation |
Based on the proxies received and the votes by ballot at the Meeting, the shareholders of the Company approved the special resolution to consolidate the Company’s issued and outstanding Common Shares on the basis of a maximum ratio of 10:1. The outcome of the vote was as follows:
| Votes pour | Votes contre | |
| 64,694,009 | 7,568,461 |