Argo Blockchain (LSE: ARB) (OTCQB: ARBKF) has signed a Letter of Intent with DPN LLC to acquire 320 acres in West Texas, enabling the construction of a 200MW cryptocurrency mining facility within a year. The project will benefit from low-cost electricity sourced mainly from renewable energy. The acquisition cost totals $17.5 million, paid through new share issuance, with a pre-negotiated $100 million credit facility to fund development. A shareholder meeting will be called to approve the issuance of shares related to this transaction.
Argo Blockchain has received approval to commence trading on the OTCQB Venture Market under the ticker symbol ARBKF starting January 13, 2021. This will complement its existing shares trading on the London Stock Exchange. The OTCQB supports companies meeting specific financial reporting and verification criteria, enabling Argo to enhance visibility among US investors. This cross-trading initiative aims to broaden the company's shareholder base as interest in the cryptocurrency market grows. No new shares will be issued, and existing trading on the London Stock Exchange remains unaffected.