Argo Blockchain Moves to Strengthen Balance Sheet; Shares Fall
07 Outubro 2022 - 4:58AM
Dow Jones News
By Anthony O. Goriainoff
Shares in Argo Blockchain PLC fell Friday after it said that it
has taken strategic actions to strengthen its balance sheet, and
that they include a 24 million pound ($26.8 million) fund-raising
via a subscription with a strategic investor.
Shares at 0702 GMT were down 5.50 pence, or 16%, at 28.50
pence.
The London-listed cryptocurrency mining company said that the
investor agreed to subscribe for around 87 million ordinary shares
at 0.276 pence a share, and that it will use the proceeds for
working capital and general corporate purposes.
The company also said it has amended an equipment-financing
agreement with an affiliate of New York Digital Investment Group
LLC, and that this will release GBP5 million of restricted cash. It
also modifies the amortization schedule for the company's existing
loans, Argo said.
Argo said it has signed an agreement with a third party for the
sale of 3,400 new Bitmain S19J Pro machines for GBP6 million in
cash.
"After careful consideration, we are convinced that taking these
steps will better position the company to navigate the current
market conditions and preserve shareholder value," Chief Executive
Peter Wall said.
Write to Anthony O. Goriainoff at
anthony.orunagoriainoff@dowjones.com
(END) Dow Jones Newswires
October 07, 2022 03:43 ET (07:43 GMT)
Copyright (c) 2022 Dow Jones & Company, Inc.
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