Crypto mining company Argo Blockchain completes $8.30 million in private financing.

Bitcoin mining company Argo Blockchain (NASDAQ stock code: ARBK) announced the completion of a private placement financing round, with an estimated total amount of approximately 6.50 million pounds (8.30 million US dollars). Argo will issue 57.80 million ordinary shares to an institutional investor at a price of 0.1125 pounds per share, along with warrants to purchase an additional 57.80 million shares. The exercise price of the warrants is 0.1125 pounds per share, with a validity period of 5 years. The issuance price is higher than the 30-day, 60-day, and 90-day volume-weighted average price (VWAP), but with a 10% discount from the closing mid-price on July 29, 2024. H.C. Wainwright & Co. serves as the exclusive placement agent for this private placement. The proceeds from the financing will be used for working capital, general corporate purposes, and debt repayment. The newly issued shares are expected to begin trading on the London Stock Exchange around July 31, 2024, Beijing time.