"🔥Mining - Argo Blockchain Secures $40 Million in Convertible Loan Financing"

Argo Blockchain announced the signing of a non-binding term sheet on February 25, 2025, with plans to secure up to $40 million in secured convertible loan financing. The initial financing will be $15 million, with subsequent financing reaching up to $25 million within the next 18 months. The funds will be used to upgrade mining equipment in Baie Comeau, strengthen the balance sheet, and evaluate merger and acquisition opportunities. The loan carries an interest rate of approximately 8% and includes a conversion option at a 25% premium.