Argo Blockchain raised $8.30 million through a private placement of its common stock and accompanying warrants

Odaily Planet Daily News: Bitcoin miner Argo Blockchain announced a private placement of its common stock and accompanying warrants to an institutional investor. The transaction is expected to generate approximately 6.50 million pounds (8.30 million dollars) in total proceeds. According to the announcement, Argo Blockchain will issue 57.80 million common shares at a purchase price of 0.1125 pounds per share, along with warrants to purchase an additional 57.80 million shares. Argo disclosed that the exercise price of the warrants is set at 0.1125 pounds per share, with a five-year exercise period. The issuance price is above the 30-day, 60-day, and 90-day volume-weighted average prices (VWAP) and below the 10% midpoint of the closing price on July 29, 2024. $HC Wainwright & Co. serves as the exclusive placement agent for this private placement. Argo stated that the net proceeds from this placement will be used for working capital, general corporate purposes, and debt repayment.