8th Mar 2021 14:37
Argo Blockchain PLC - London-based cryptocurrency miner - Completes acquisition of DPN LLC and 320 acres of land in west Texas, US for USD5 million though issue of 3.5 million Argo shares to DPN shareholders. Notes a further USD12.5 million shares will be payable if contractual milestones are fulfilled. Says the acquisition, which will see Argo merge with DPN, will give Argo access to up to 800 megawatts of electrical power, with Argo intending to build a new 200 megawatts mining facility over the next 12 months.
"Argo's purchase of land in Texas represents a significant milestone for the company and is a cause for celebration. It not only gives us greater control over our mining operations but also the ability to meaningfully expand our mining capacity on a large scale. We now have access to some of what we believe is the cheapest renewable energy worldwide, in a location where innovation in new technologies is encouraged and incentivised," says Chief Executive Peter Wall.
Current stock price: 252.61 pence, up 15% on Monday
Year-to-date change: up sharply from 33.00p on December 31
By Zoe Wickens; [email protected]
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