Update- Proposed Partnership with Hive Blockchain

RNS Number : 8812K

Argo Blockchain PLC

03 September 2019

 

PRESS RELEASE

3 September 2019

Argo Blockchain PLC

('Argo' or 'the Company')

Update on Proposed Partnership with Hive Blockchain

Further to the announcement of 13 May 2019, the Company announces that it has by mutual agreement ended discussions concerning a proposed partnership and share swap with Hive Blockchain Technologies Ltd (Hive). 

Since conditional heads of terms were signed for this collaboration, Argo has implemented an approximately $16 million investment programme to more than double its in-house mining infrastructure to 505 peta-hash by the end of this year. A further major increase in production capacity is also underway for 2020 to establish Argo as the largest publicly-quoted cryptominer globally, as announced on 20 August.

As a result, Argo's board believes that the Company has now established a strong platform with scale to deliver long term growth organically, and that shareholders' interests would be best served by executing its current plans instead of pursuing a partnership transaction involving a dilution of equity at this time.                  

Mike Edwards, chairman and co-founder of Argo, said: "We established a great rapport with the Hive team over the past several months but both companies have agreed to pursue the many opportunities now opening up in the industry separately. We wish them well for the future."     

For further information please contact:

Argo Blockchain
Mike Edwards President & Executive Director Neil Thapar Financial Communications Adviser	via Tancredi [phone] [phone]
Mirabaud
Corporate Broker Peter Krens	[phone]
Tancredi Intelligent Communication Media Relations
Salamander Davoudi [e-mail] Emma Valgimigli [e-mail]	[phone] [phone]

About Argo:

Argo Blockchain plc is a global data centre business that provides a purpose-built and flexible platform for mining of leading cryptocurrencies for the enterprise-scale and institutional sectors worldwide from operational centres in Canada. 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.

www.argomining.co

See Argo's largest facility in Quebec:

https://youtu.be/LDWWaZ75Zbk

 

END

 

 

UPDUGUAGBUPBUBP