TechFlow News, March 4 — Argo Blockchain announced that on February 25, 2025, it signed a non-binding term sheet to secure up to $40 million in senior secured convertible loan financing. The initial funding tranche amounts to $15 million, with subsequent tranches of up to $25 million available over the next 18 months.
The proceeds will be used to upgrade Argo’s mining equipment at its Baie-Comeau facility, strengthen its balance sheet, and evaluate a range of M&A opportunities. The loan is interest-only, carrying an interest rate of approximately 8%, and includes a conversion right at a 25% premium to the closing price one day prior to signing the definitive agreement.
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