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Argo Blockchain PLC (ARB)

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Friday 10 September, 2021

Argo Blockchain PLC

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 +44 203 434 2334

 

finnCap Ltd


Corporate Finance

Jonny Franklin-Adams

Tim Harper 

Joint Corporate Broker

Sunila de Silva  

+44 207 220 0500

 

 

 

 

Tennyson Securities


Joint Corporate Broker

Peter Krens

+44 207 186 9030

OTC Markets


Jonathan Dickson

[email protected]

+44 204 526 4581

+44 7731 815 896

Tancredi Intelligent Communication

UK & Europe Media Relations


Emma Valgimigli

Emma Hodges

Salamander Davoudi

[email protected]

 

+44 7727 180 873

+44 7861 995 628

+44 7957 549 906

 

 

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