Argo Blockchain PLC Bitcoin-backed loan agreement (3955D)
June 29 2021 - 2:00AM
UK Regulatory
TIDMARB
RNS Number : 3955D
Argo Blockchain PLC
29 June 2021
Press Release
2 9 June 2021
Argo Blockchain PLC
( "Argo" or "The Company")
Bitcoin-backed loan agreement
Argo Blockchain, a global leader in cryptocurrency mining
(LSE:ARB), is pleased to announce it has secured a GBP14 million
($20 million) loan agreement for a term of six months with Galaxy
Digital LP using a portion of the Company's Bitcoin holding as
collateral. The proceeds of the loan will be used, in conjunction
with the funds raised previously, to continue the build out of the
Company's West Texas data centre and to meet the Company's
operating cash flow requirements. It will allow Argo to retain its
current Bitcoin holding, whilst further expanding its mining
operations. Argo is delighted to have worked with Galaxy as its
financing partner and looks forward to building a solid
relationship with Galaxy going forwards.
Peter Wall, Chief Executive of Argo, said: "We are delighted to
work with Galaxy Digital LP as we pursue our growth plans, and to
form a solid relationship with them as a financing partner. This
agreement allows Argo to secure competitive terms on a loan
facility while also allowing us to continue to HODL our
Bitcoin."
Amanda Fabiano, Head of Mining, and Luka Jankovic, Head of
Lending, at Galaxy Digital, said: "Galaxy is committed to creating
tailored financial solutions to support miners. We are happy to
provide Argo capital financing and products allowing them to scale
and evolve."
This announcement contains inside information.
For further information please contact:
Argo Blockchain
Peter Wall via Tancredi +44 203 434 2334
Chief Executive
Ian MacLeod
Executive Chairman
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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
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+44 204 526 4581
Jonathan Dickson
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
Salamander Davoudi +44 7861 995 628
argoblock@tancredigroup.com +44 7957 549 906
------------------------------
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 OTCQX Best Market in the United
States under the ticker: ARBKF.
argoblockchain.com
Abut Galaxy Digital:
https://www.galaxydigital.io/
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END
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