TechFlow reported that bitcoin mining company Argo Blockchain (Nasdaq: ARBK) announced the completion of a private placement financing, expected to raise approximately £6.5 million ($8.3 million).
According to the announcement, Argo will issue 57.8 million ordinary shares to an institutional investor at a price of £0.1125 per share, along with warrants to purchase an additional 57.8 million shares. The warrants have an exercise price of £0.1125 per share and a term of five years. The offering price is above the 30-day, 60-day, and 90-day volume-weighted average prices (VWAP), but represents a 10% discount to the closing mid-market price on July 29, 2024. H.C. Wainwright & Co. acted as the sole placement agent for this private placement.
Argo stated that the proceeds from the financing will be used for working capital, general corporate purposes, and debt repayment. The newly issued shares are expected to begin trading on the London Stock Exchange around July 31, 2024, Beijing time.
