Argo Blockchain PLC Announces Closing of 8.75% Senior Notes due 2026 Offering

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Rhea-AI Summary

Argo Blockchain has successfully closed its SEC-registered public offering of $40.0 million in 8.75% Senior Notes maturing in 2026. The offering yielded net proceeds of approximately $38.6 million. Proceeds will be directed toward general corporate purposes, specifically for the construction and acquisition of mining hardware for its Texas facility, and potential investments in complementary blockchain businesses. The Notes will commence trading on Nasdaq under the symbol ARBL.

Positive

Raised $38.6 million in net proceeds from the offering.
Funds will be used for construction and mining machine purchases at the Texas facility.
Possible investments in complementary blockchain businesses.

Negative

None.

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11/18/2021 - 01:50 AM EST

LONDON, UK / ACCESSWIRE / November 18, 2021 / Argo Blockchain, a global leader in cryptocurrency mining (LSE:ARB)(NASDAQ:ARBK), announced the closing of its SEC-registered public offering of $40.0 million aggregate principal amount of 8.75% Senior Notes due 2026 (the "Notes").

The Notes are expected to begin trading on Nasdaq under the symbol "ARBL" following the closing date of this offering.

The offering resulted in net proceeds of approximately $38.6 million after deducting underwriting discounts and commission, but before expenses and fees. The Company intends to use the net proceeds from this offering for general corporate purposes, the construction of, and purchase of mining machines for, its Texas cryptocurrency mining facility and potentially acquisitions of, or investments in, complementary businesses in the cryptocurrency and blockchain technology industries.

This press release does not constitute an offer to sell or a solicitation of an offer to buy the securities described herein, nor shall there be any sale of these securities in any state or other jurisdiction in which such an offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction. The Notes may only be offered and sold under the Company's registration statement on Form F-1, as amended, which has been filed with the Securities and Exchange Commission ("SEC") and declared effective on November 12, 2021. A copy of the registration statement is available on the SEC's website at www.sec.gov. When available, copies of the prospectus related to the offering may be obtained from the offices of B. Riley Securities, Inc. at 1300 North 17th Street, Suite 1400, Arlington, VA 22209, by calling (703) 312‐9580 or by emailing prospectuses@brileyfin.com.

For further information please contact:

Argo Blockchain
Peter Wall Chief Executive	via Tancredi +44 203 434 2334
finnCap Ltd
Corporate Finance Jonny Franklin-Adams Tim Harper Joint Corporate Broker Sunila de Silva	+44 207 220 0500
Tennyson Securities
Joint Corporate Broker Peter Krens	+44 207 186 9030
OTC Markets
Jonathan Dickson jonathan@otcmarks.com	+44 204 526 4581 +44 7731 815 896
Tancredi Intelligent Communication UK & Europe Media Relations
Emma Valgimigli Emma Hodges Salamander Davoudi argoblock@tancredigroup.com	+44 7727 180 873 +44 7861 995 628 +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 Nasdaq Global Select Market in the United States under the ticker: ARBK.

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.

SOURCE: Argo Blockchain PLC

View source version on accesswire.com:
https://www.accesswire.com/673528/Argo-Blockchain-PLC-Announces-Closing-of-875-Senior-Notes-due-2026-Offering

FAQ

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What amount did Argo Blockchain raise through the recent public offering?

Argo Blockchain raised approximately $38.6 million in net proceeds from the public offering.

What is the interest rate and maturity date of the Senior Notes issued by Argo Blockchain?

The Senior Notes have an interest rate of 8.75% and are due in 2026.

Under what symbol will the new Senior Notes trade on Nasdaq?

The Senior Notes will trade under the symbol ARBL on Nasdaq.

How will Argo Blockchain use the proceeds from the Senior Notes offering?

The proceeds will be used for general corporate purposes, including construction of a Texas mining facility and potential investments in complementary businesses.

Argo Blockchain PLC Announces Closing of 8.75% Senior Notes due 2026 Offering