Argo Blockchain PLC Announces Loan Extension
Argo Blockchain, a global leader in cryptocurrency mining predominantly using renewable energy, has announced an extension of its loan agreement with Galaxy Digital Holdings through December 28, 2024.
Sentiment and the balance of points
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Rhea-AI Summary
Argo Blockchain, a global leader in cryptocurrency mining predominantly using renewable energy, has announced an extension of its loan agreement with Galaxy Digital Holdings through December 28, 2024. As of June 30, 2024, the loan balance stands at $5.7 million, significantly reduced from the original $35 million advanced in December 2022. The repayment is expected to lower Argo's monthly interest expenses from $440,000 in July 2023 to $78,000 by July 2024.
Positive
- Extension of loan term with Galaxy Digital Holdings to December 28, 2024.
- Significant reduction in loan balance from $35 million to $5.7 million as of June 30, 2024.
- Expected reduction in monthly interest expenses from $440,000 in July 2023 to $78,000 in July 2024.
Negative
- None.
Details
News Market Reaction – ARBK
The recorded move for ARBK in the trading session of this news was +6.09%.
Data tracked by StockTitan Argus. Session date unavailable.
AI-generated analysis. How Rhea-AI works. Not financial advice.
Extension of Galaxy Loan
LONDON, UNITED KINGDOM / ACCESSWIRE / July 1, 2024 / Argo Blockchain plc, (LSE:ARB)(NASDAQ:ARBK), a global leader in cryptocurrency mining using predominantly renewable energy, announces the extension of its loan with Galaxy Digital Holdings Ltd. ("Galaxy") through to December 28, 2024. As of June 30, 2024, the remaining balance of the loan is
This announcement contains inside information.
For further information please contact:
Argo Blockchain |
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Investor Relations | |
Tennyson Securities |
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Corporate Broker Peter Krens | +44 207 186 9030 |
Fortified Securities |
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Joint Broker Guy Wheatley, CFA | +44 74930989014 |
Tancredi Intelligent Communication UK & Europe Media Relations |
About Argo:
Argo Blockchain plc is a dual-listed (LSE: ARB; NASDAQ: ARBK) blockchain technology company focused on large-scale cryptocurrency mining. With mining operations in Quebec and 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.
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 the original press release on accesswire.com
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