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 
                                      ------------------------------ 
 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                      +44 204 526 4581 
  jonathan@otcmarkets.com               +44 7731 815 896 
                                      ------------------------------ 
 Tancredi Intelligent Communication 
  UK & Europe Media Relations 
                                      ------------------------------ 
 Emma Valgimigli 
  Emma Hodges                          +44 7727 180 873 
  Salamander Davoudi                    +44 7861 995 628 
  argoblock@tancredigroup.com           +44 7957 549 906 
                                      ------------------------------ 
 

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our Privacy Policy.

END

AGREAENNEDDFEAA

(END) Dow Jones Newswires

September 10, 2021 02:00 ET (06:00 GMT)

Argo Blockchain (LSE:ARB)
Historical Stock Chart
From Oct 2021 to Nov 2021 Click Here for more Argo Blockchain Charts.
Argo Blockchain (LSE:ARB)
Historical Stock Chart
From Nov 2020 to Nov 2021 Click Here for more Argo Blockchain Charts.