Argo Blockchain PLC Bitcoin-backed loan agreement (3378L)
10 September 2021 - 4:00PM
UK Regulatory
TIDMARB
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
GBP18.05 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 GBP14
million** ($20 million) will be rolled into the new loan agreement,
resulting in a total outstanding principal amount of GBP32.05
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 via Tancredi +44 203 434 2334
Chief Executive
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finnCap Ltd
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Corporate Finance
Jonny Franklin-Adams
Tim Harper
Joint Corporate Broker
Sunila de Silva +44 207 220 0500
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Tennyson Securities
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Joint Corporate Broker
Peter Krens +44 207 186 9030
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OTC Markets
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Jonathan Dickson +44 204 526 4581
jonathan@otcmarkets.com +44 7731 815 896
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Tancredi Intelligent Communication
UK & Europe Media Relations
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Emma Valgimigli
Emma Hodges +44 7727 180 873
Salamander Davoudi +44 7861 995 628
argoblock@tancredigroup.com +44 7957 549 906
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END
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