UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
_____________________
FORM 6-K
_____________________
REPORT OF FOREIGN PRIVATE ISSUER
PURSUANT TO RULE 13a-16 OR 15d-16
UNDER THE SECURITIES EXCHANGE ACT OF 1934
For the month of December, 2024
Commission File Number: 001-40816
_____________________
Argo Blockchain plc
(Translation of registrant’s name into English)
_____________________
Eastcastle House
27/28 Eastcastle Street
London W1W 8DH
England
(Address of principal executive office)
_____________________
Indicate
by check mark whether the registrant files or will file annual
reports under cover of Form 20-F or Form 40-F.
Form 20-F
☒
Form
40-F ☐
Indicate
by check mark if the registrant is submitting the Form 6-K in paper
as permitted by Regulation S-T Rule 101(b)(1): ☐
Indicate
by check mark if the registrant is submitting the Form 6-K in paper
as permitted by Regulation S-T Rule 101(b)(7): ☐
EXHIBIT INDEX
Exhibit
No.
1
|
Description
£4.2
million Subscription by Institution dated 02 December
2024
|
Press Release
2 December 2024
Argo Blockchain plc
("Argo" or "the Company")
£4.2 million Subscription by Institution
Argo, a global leader in cryptocurrency mining (LSE: ARB; NASDAQ:
ARBK), is pleased to announce that it has raised gross proceeds of
£4.2 million through a subscription for its ordinary shares
("Ordinary
Shares") by an institution
("Subscription"), the Company will issue 76,900,000 Ordinary
Shares ("Subscription Shares") at a purchase price of 5.5 pence per Ordinary
Share.
The net proceeds from the Subscription will support Argo's
strategic plans and working capital needs. These funds will help
drive the potential relocation or sale of mining equipment
currently at the Helios facility in Texas, while allowing the
company to maintain its Bitcoin ("BTC") mining operations in Quebec. Additionally, the
funds will support previously announced efforts to explore
diversification into high-performance computing
("HPC"). Information regarding the Company's financial
position can be found in its Q3 results RNS of 20 November 2024 and
its interim half-year results RNS of 28 August
2024.
Argo's Chief Executive Officer, Thomas Chippas,
commented, "This subscription
strengthens our balance sheet, moving Argo closer to execution of
the HPC opportunity at Baie-Comeau and Helios fleet movement, as
described in the Company's Q3 2024 Results Announcement released on
20 November 2024."
Subscription
The Subscription will be effected by way of a cashbox, involving
the issue of new Ordinary Shares for non-cash consideration. The
institution will subscribe for redeemable preference shares in
Project Maple (Jersey) Limited, a new Jersey-incorporated
subsidiary of the Company ("JerseyCo"), in an amount equal to the net proceeds of the
Subscription.
The Company will allot and issue the Subscription Shares on a
non-pre-emptive basis to the institution in consideration of the
transfer by the institution of the redeemable preference shares in
JerseyCo to the Company. Accordingly, at the conclusion of this
cashbox process, JerseyCo will be a wholly owned subsidiary of the
Company and its sole asset will be cash reserves approximately
equal to the net proceeds of the Subscriptioin. The Company will
then be able to access those funds by redeeming the redeemable
preference shares it holds in JerseyCo. Further shareholder
approval is not required to effect the Subscription by way of a
cashbox.
Prospectus and Admission
The Subscription Shares to be issued pursuant to the Subscription
will rank pari passu in all respects with the existing Ordinary
Shares. However, Argo does not currently have sufficient headroom
for the Subscription Shares to be admitted to the Official List
maintained by the FCA and to trading on the London Stock Exchange
PLC's Main Market without the publication of a prospectus. The
Company has therefore agreed that it will use its reasonable
endeavours to procure admission of the Subscription Shares as soon
as possible following issue and allotment, as permitted and
required by the UK Listing Rules.
The securities being offered have not been, nor will they be,
registered under the United States Securities Act of 1933, as
amended, and such securities may not be offered or sold within the
United States absent registration under U.S. federal and state
securities laws or an applicable exemption from such U.S.
registration requirements.
This announcement shall not constitute an offer to sell or the
solicitation of an offer to buy nor shall there be any sale of the
securities in any jurisdiction in which such offer, solicitation or
sale would be unlawful prior to registration or qualification under
the securities laws of any such jurisdiction.
Total Voting Rights
Following the Subscription, the Company will have a total of
717,250,353 Ordinary Shares in issue. No Ordinary Shares are held
in treasury. The above figure may be used by the Company's
shareholders as the denominator for the calculations by which they
can determine whether they are required to notify their interest
in, or a change of their interest in, the Company under the FCA's
Disclosure Guidance and Transparency Rules.
This announcement contains inside information.
For further information please contact:
Argo Blockchain
|
|
Investor Relations
|
ir@argoblockchain.com
|
Tennyson Securities
|
|
Corporate
Broker
Peter Krens
|
+44 207 186 9030
|
Fortified Securities
|
|
Joint
Broker
Guy Wheatley, CFA
|
+44 7493 989014
guy.wheatley@fortifiedsecurities.com
|
Tancredi Intelligent Communication
UK
& Europe Media Relations
|
argoblock@tancredigroup.com
|
About Argo:
Argo Blockchain plc is a dual-listed (LSE: ARB; NASDAQ: ARBK)
blockchain technology company focused on large-scale cryptocurrency
mining. With mining facilities in Quebec, mining operations in
Texas, and offices in the US, Canada, and the UK, Argo's global,
sustainable operations are predominantly powered by renewable
energy. In 2021, Argo became the first climate positive
cryptocurrency mining company, and a signatory to the Crypto
Climate Accord. For more information, visit www.argoblockchain.com.
Forward looking statements
This announcement contains "forward-looking statements," which can
be identified by words like "may," "will," "likely," "should,"
"expect," "anticipate," "future," "plan," "believe," "intend,"
"goal," "seek," "estimate," "project," "continue" and similar
expressions. Forward-looking statements are neither historical
facts nor assurances of future performance. Instead, they are based
only on the Company's current beliefs, expectations and assumptions
regarding the future of its business, future plans and strategies,
projections, anticipated events and trends, the economy and other
future conditions. Because forward-looking statements relate to the
future, they are subject to inherent uncertainties, risks and
changes in circumstances that are difficult to predict and many of
which are outside of the Company's control. The information in this
announcement about future plans and objectives of the Company,
including the expectation to complete the Subscription and the
expected expenditure of the net proceeds of the Subscription, are
forward-looking statements. The Company's actual results and
financial condition may differ materially from those indicated in
the forward-looking statements. Therefore, you should not rely on
any of these forward-looking statements. Important factors that
could cause the Company's actual results and financial condition to
differ materially from those indicated in the forward-looking
statements include, market and other conditions, the principal
risks and uncertainties listed in the risk factors set forth in our
Annual Report and Financial Statements and Form 20-F for the year
ended 31 December 2023, and our Interim Report as of 30 September
2024.
SIGNATURES
Pursuant to the
requirements of the Securities Exchange Act of 1934, the registrant
has duly caused this report to be signed on its behalf by the
undersigned, thereunto duly authorized.
Date:
02 December, 2024
|
ARGO BLOCKCHAIN PLC
By:
/s/ Jim
MacCallum
Name:
Jim MacCallum
Title:
Chief Financial Officer
|
Argo Blockchain (NASDAQ:ARBKL)
Historical Stock Chart
From Dec 2024 to Jan 2025
Argo Blockchain (NASDAQ:ARBKL)
Historical Stock Chart
From Jan 2024 to Jan 2025