Argo Blockchain Secures £6.5M From Institutional Investor Through Private Placement
Portfolio Pulse from Benzinga Newsdesk
Argo Blockchain has secured £6.5 million from an institutional investor through a private placement. The funds will be used for working capital, general corporate purposes, and debt repayment. The company will issue 57.8 million ordinary shares at £0.1125 per share, along with warrants to purchase an equal number of shares at the same price over five years.
July 30, 2024 | 6:47 am
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Argo Blockchain has raised £6.5 million through a private placement, issuing 57.8 million shares and warrants. The funds will be used for working capital, corporate purposes, and debt repayment.
The infusion of £6.5 million will provide Argo Blockchain with necessary liquidity for working capital and debt repayment, which is likely to be viewed positively by investors. The issuance of shares and warrants may dilute existing shareholders, but the overall impact is expected to be positive in the short term due to improved financial stability.
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