** Keel Infrastructure's KEEL.O shares down 9% to $5.40 post market as it seeks capital raise

** Co announces private offering of $350 mln convertible bonds due 2032

** It intends to use net offering proceeds for general purposes, including funding deposits for equipment and/or collateralizing letters of credit for expansion of data center development projects

** It also plans to use some proceeds to fund cost of capped calls, derivative transactions employed to offset potential dilution

** On April 1, Bitfarms officially rebranded as Keel Infrastructure following a redomiciliation from Canada to the U.S. in a strategic pivot from a pure bitcoin miner toward developing land, power access, and data center infrastructure for AI and high-performance computing (HPC)

** New York City-based KEEL has roughly $3.6 bln market cap

** KEEL shares closed down 3.6% at $5.93 on Thurs, but have roughly tripled this quarter