Argo Blockchain Secures £4.2 Million Institutional Subscription

Argo Blockchain PLC has successfully raised £4.2 million through a subscription of its ordinary shares by an institution. A total of 76,900,000 shares will be issued at 5.5 pence per share. The funds aim to support Argo's strategic initiatives, including potential relocation or sale of equipment at its Helios facility in Texas, while sustaining Bitcoin mining in Quebec. Additionally, funds will aid efforts to diversify into high-performance computing.

The subscription involves issuing new shares through a cashbox structure, with an institutional investor subscribing for shares in a Jersey subsidiary. These transactions enable Argo to access proceeds without requiring further shareholder approval. Admission of shares to the London Stock Exchange is pending the publication of a prospectus, a process Argo has committed to completing promptly.