Argo engages Navier to develop its Texas facility

RNS Number : 0971W

Argo Blockchain PLC

21 April 2021

 

21April 2021 

Argo Blockchain PLC

("Argo" or the "Company")

Argo engages Navier to develop its mining facility in Texas

Grant of Warrants to Navier

Argo, a global leader in cryptocurrency mining (LSE: ARB), is pleased to announce it has signed a contract with Navier Inc., a specialist in the design and construction of cryptocurrency mining facilities, to co-develop Argo's new mining facility, Helios, in West Texas.   

Navier will provide a range of consulting services r elated to the design and construction of the new Argo facility, including the co-design of a best-in-class electrical infrastructure capable of supporting 200MW of mining. Navier will also work with Argo to install next-generation immersion technology designed to boost mining productivity, control heat, and increase the lifespan of installed mining rigs. 

Under the terms of the agreement, Argo will pay a monthly retainer and has agreed to issue Navier with certain warrants ("Warrants").

Granting of Warrants

The Company has granted a Warrant to Navier to purchase up to 223,821 ordinary shares of £0.001 each in the capital of Company (Ordinary Shares) at a purchase price per share of £1.35. Under the terms of the Warrant, the first tranche of Warrants in respect of 18,644 Ordinary Shares will vest on issue, with the remainder vesting over the following 11 months, in each case, conditional upon Navier being engaged by the Company and not being under notice. The Warrants are exercisable until the earlier of (i) the next Bitcoin halving or (ii) 19 March 2024.

Peter Wall, Chief Executive of Argo Blockchain, said: "We are delighted to have Navier on the team to help us develop our new mining facility in West Texas. Argo intends to build state-of-the-art mining infrastructure which will not only provide greater control over our operations but also meaningfully expands our mining capacity. At this facility we believe we will have access to some of cheapest renewable energy worldwide."

Josh Metnick, Chief Executive of Navier, said: "We are thrilled to collaborate with Argo to help build such an innovative green mining facility in West Texas. Navier is committed to ensuring that Argo builds one of the most cost effective, power efficient, and structurally scalable industrial mining sites in the world."

The information communicated in this announcement is inside information for the purposes of Article 7 of Regulation 596/2014.

For further information please contact:

Argo Blockchain
Peter Wall Chief Executive Ian MacLeod Executive Chairman	via Tancredi [phone]
finnCap Ltd
Corporate Finance Jonny Franklin-Adams Tim Harper  Corporate Broking Sunila de Silva	[phone]
Tennyson Securities
Peter  Krens	[phone]
OTC Markets
Jonathan Dickson [e-mail]	[phone] [phone]
Tancredi Intelligent Communication UK & Europe Media Relations
Emma Valgimigli Emma Hodges Salamander Davoudi [e-mail]	[phone] [phone] [phone]

About Argo Blockchain Plc

Argo Blockchain plc is a global leader in cryptocurrency mining with one of the largest and most efficient operations powered by clean energy. The Company is headquartered in London, UK and its shares are listed on the Main Market of the London Stock Exchange under the ticker: ARB and on the OTCQX Best Market in the United States under the ticker: ARBKF.

For more information on Argo Blockchain visit:  www.argoblockchain.com  

 

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