Argo signs LOI to amend existing equipment financing agreement
Argo plans to sell 3,400 mining machines for cash proceeds of 6.0 million ($6.8m)
Argo intends to raise approximately 24 million ($27m) via Proposed Subscription with a strategic investor
LONDON, UK / ACCESSWIRE / October 7, 2022 / Argo Blockchain plc, a global leader in cryptocurrency mining (LSE:ARB)(NASDAQ:ARBK), is pleased to announce several strategic actions that are intended to bring in additional capital to the business and ensure that the Company has the working capital necessary to execute its current strategy and meet its obligations over the next twelve months.
As previously reported on 9 September 2022, the Company has seen headwinds from the price of both natural gas and electricity caused by the geopolitical situation in Europe and low levels of natural gas storage in the United States. These factors, coupled with the decline in the price of Bitcoin since March 2022 and the increased mining difficulty,...
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