Argo Blockchain Receives $8.3 Million in Investment from Institutional Backer

Argo Blockchain, a bitcoin miner, has announced a private placement of 57.8 million ordinary shares. And an equal number of warrants to an institutional investor, raising about £6.5 million ($8.3 million). 

The shares are priced at £0.1125 each, with the same price set for the warrants, which have a five-year exercise period. The issuance price is above the 30-day, 60-day, and 90-day average but 10% below the July 29, 2024, closing price. The funds will support working capital, general corporate needs, and debt repayment. 

Argo expects the new shares to start trading on the London Stock Exchange around July 31, 2024. Despite an 8% drop in ARBK shares on Tuesday, the stock has risen 21% over the past month.

Clever Robot News Desk 1^st August 2024