3rd Mar 2025 20:16
Argo Blockchain PLC - blockchain technology company focused on cryptocurrency mining with operations in the US and Canada - enters into a non-binding term sheet for up to USD40 million in senior secured convertible loans on February 25. The initial tranche will be USD15 million with follow on tranches of up to USD25 million advanced over the next 18 months. Proceeds will be used to refresh Argo's Baie Comeau, Quebec mining fleet, to strengthen the balance sheet, and to assess a pipeline of merger and acquisition possibilities. The financing is expected to be funded by up to three multinational institutional investors and will include 30% warrant coverage. The investor group will have three seats on the board upon completion.
Chair Matt Shaw comments: "We believe that this financing will allow profitable growth at Argo and strengthen our balance sheet. The Argo team is working closely with the investor group to clear due diligence and refine our business plan in a timely manner."
Current stock price: 3.75 pence, up 3.5% in London on Monday
12-month change: down 79%
By Jeremy Cutler, Alliance News reporter
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