Bitcoin-backed loan agreement

RNS Number : 3378L

Argo Blockchain PLC

10 September 2021

 

Press Release

10 September 2021

Argo Blockchain PLC

("Argo" or "The Company")

Bitcoin-backed loan agreement

Argo Blockchain plc, a global leader in cryptocurrency mining (LSE:ARB), is pleased to announce that it has entered into a £18.05 million* (US $25 million) loan agreement with a maturity date of 29 October 2021 with Galaxy Digital LP, using a portion of the Company's Bitcoin holding as collateral.

The Company's outstanding loan with Galaxy Digital of £14 million** ($20 million) will be rolled into the new loan agreement, resulting in a total outstanding principal amount of £32.05 million ($45 million). The proceeds of the loan will be used, in conjunction with funds raised by the Company previously, to continue the build out of the Company's West Texas data centre and to meet the Company's operating cash flow requirements. The loan will enable Argo to retain its current Bitcoin holding, whilst further expanding its mining operations. Argo is delighted to continue working with Galaxy as its financing partner.

This announcement contains inside information.

*Exchange rate calculated at 9 September 2021.

**Exchange rate calculated at 28 June 2021.

For further information please contact:

Argo Blockchain
Peter Wall Chief Executive	via Tancredi [phone]
finnCap Ltd
Corporate Finance Jonny Franklin-Adams Tim Harper  Joint Corporate Broker Sunila de Silva	[phone]
Tennyson Securities
Joint Corporate Broker 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]

 

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