(Alliance News) - Argo Blockchain PLC on Friday announced several actions to strengthen the company's balance sheet as it faces headwinds from rising energy prices and falling bitcoin prices.
The London-based blockchain technology company has amended an existing equipment financing agreement with New York Digital Investment Group LLC. The amendment releases about GBP5.0 million of restricted cash and modifies the amortisation schedule for the company's existing loans.
The transaction "significantly reduces" the company's debt service payments and links future payments of loans from New York Digital Investment Group to network mining profitability. In exchange, Argo Blockchain will provide an expanded collateral package.
The company has also signed an agreement to sell to a third party 3,400 new Bitmain S19J Pro machines for GBP6.0million. Argo will host these machines for the third party at its Helios mining facility according to a hosting services agreement announced in September....
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