Argo Blockchain PLC Announces Private Placement with Institutional Investor

Argo Blockchain plc (LSE:ARB)(NASDAQ:ARBK) has announced a private placement agreement with an institutional investor for gross proceeds of approximately GBP £6.5 million. The company will issue 57,800,000 of its ordinary shares and warrants to purchase the same number of additional shares. Each share and warrant are priced at GBP £0.1125. The warrants have an exercise period of five years.

The issuance price is a premium to the 30, 60, and 90-day VWAP but a 10% discount to the closing market price on 29 July 2024. H.C. Wainwright & Co. is the exclusive placement agent. Net proceeds will be used for working capital, general corporate purposes, and debt repayment.

The shares will be admitted to the Official List and Main Market of the London Stock Exchange on or around 31 July 2024. Following this, the total number of issued shares will be 636,352,148, equal to the total voting rights.