TIDMARB
RNS Number : 1939K
Argo Blockchain PLC
04 May 2022
Press Release
4 May 2022
Argo Blockchain PLC
("Argo" or "the Company")
Additional Equipment Financing from NYDIG
Argo Blockchain plc, a global leader in cryptocurrency mining
(LSE: ARB; NASDAQ: ARBK), announces that Argo Helios LLC ("Argo
Helios"), a wholly owned subsidiary of Argo Blockchain plc, has
entered into additional loans under Argo's equipment financing
agreement (the "Financing Agreement") with NYDIG ABL LLC ("NYDIG"),
a wholly owned subsidiary of New York Digital Investment Group
LLC.
As part of the additional financing, NYDIG will loan Argo Helios
an aggregate principal amount of up to $70.60 million (GBP56.3
million)*, subject to customary drawdown conditions, to
recapitalize the purchase of digital asset mining equipment (the
"Financed Equipment") for the Company's flagship cryptocurrency
mining facility, Helios, in Dickens County, Texas. Outstanding
borrowings under the Financing Agreement are secured by the
Financed Equipment and the contracts to acquire the Financed
Equipment.
The key terms of each loan are as follows:
Loan Amount Funding Date Interest Rate Loan Maturity
$9.55 million 29 April 2022` 12.00% 10 May 2024
$9.55 million 29 April 2022` 12.00% 10 May 2024
Up to $6.99 million 31 May 2022` 12.00% 10 June 2024
Up to $6.99 million 31 May 2022` 12.00% 10 June 2024
Up to $10.23 million 31 May 2022` 12.00% 10 June 2024
Up to $10.23 million 30 June 2022` 12.00% 10 July 2024
Up to $8.53 million 29 July 2022` 12.00% 10 August 2024
Up to $8.53 million 29 July 2022` 12.00% 10 August 2024
Peter Wall, Chief Executive of Argo, said: "We are delighted to
secure this additional non-dilutive funding which will enable us to
continue fitting out Phase 1 of our Helios site. NYDIG understands
the financial requirements of large-scale bitcoin miners and we are
excited to continue working with them to execute and deliver on the
next phase of Argo's growth."
Josh Burandt, Head of Mining Services at NYDIG, said: "NYDIG is
pleased to offer additional financing to Argo to complete the next
phase of growth for their Helios site. This partnership will help
further NYDIG's goal of securing the bitcoin network and supporting
the growth of the world's leading Bitcoin miners. We are happy to
support the growth of Argo's state-of-the-art Texas facility, and
we look forward to growing the partnership across verticals."
* Exchange rate correct as of 3 May 2022
Inside Information and Forward-Looking Statements
This announcement contains inside information and includes
forward-looking statements which reflect the Company's or, as
appropriate, the Directors' current views, interpretations, beliefs
or expectations with respect to the Company's financial
performance, business strategy and plans and objectives of
management for future operations. These statements include
forward-looking statements both with respect to the Company and the
sector and industry in which the Company operates. Statements which
include the words "expects", "intends", "plans", "believes",
"projects", "anticipates", "will", "targets", "aims", "may",
"would", "could", "continue", "estimate", "future", "opportunity",
"potential" or, in each case, their negatives, and similar
statements of a future or forward-looking nature identify
forward-looking statements. All forward-looking statements address
matters that involve risks and uncertainties because they relate to
events that may or may not occur in the future. Forward-looking
statements are not guarantees of future performance. Accordingly,
there are or will be important factors that could cause the
Company's actual results, prospects and performance to differ
materially from those indicated in these statements. In addition,
even if the Company's actual results, prospects and performance are
consistent with the forward-looking statements contained in this
document, those results may not be indicative of results in
subsequent periods. These forward-looking statements speak only as
of the date of this announcement. Subject to any obligations under
the Prospectus Regulation Rules, the Market Abuse Regulation, the
Listing Rules and the Disclosure and Transparency Rules and except
as required by the FCA, the London Stock Exchange, the City Code or
applicable law and regulations, the Company undertakes no
obligation publicly to update or review any forward-looking
statement, whether as a result of new information, future
developments or otherwise. For a more complete discussion of
factors that could cause our actual results to differ from those
described in this announcement, please refer to the filings that
Company makes from time to time with the United States Securities
and Exchange Commission and the United Kingdom Financial Conduct
Authority, including the section entitled "Risk Factors" in the
Company's Registration Statement on Form F-1.
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
-------------------------------
Jonathan Dickson +44 204 526 4581
jonathan@otcmarkets.com +44 7731 815 896
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Tancredi Intelligent Communication
UK & Europe Media Relations
-------------------------------
Emma Valgimigli
Emma Hodges +44 7727 180 873
Fabio Galloni-Roversi Monaco +44 7861 995 628
Nasser Al-Sayed +44 7888 672 701
argoblock@tancredigroup.com +44 7915 033 739
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About Argo:
Argo Blockchain plc is a global leader in cryptocurrency mining
with one of the largest and most efficient operations powered by
clean energy. The Company is headquartered in London, UK and its
shares are listed on the Main Market of the London Stock Exchange
under the ticker: ARB and on the Nasdaq Global Select Market in the
United States under the ticker: ARBK.
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