Argo Blockchain Raises $8.3 Million in Private Placement of Its Common Stock and Accompanying Warrants

Odaily News Bitcoin miner Argo Blockchain announced a private placement of its common shares and accompanying warrants to an institutional investor. The transaction is expected to generate gross proceeds of approximately £6.5 million ($8.3 million). According to the announcement, Argo Blockchain will issue 57.8 million common shares at a purchase price of £0.1125 per share, and will issue warrants to purchase an additional 57.8 million shares. Argo revealed that the exercise price of the warrants is set at £0.1125 per share and the exercise period is five years. The offering price is higher than the 30-day, 60-day and 90-day volume-weighted average price (VWAP) and 10% lower than the closing midpoint on July 29, 2024. HC Wainwright & Co. served as the exclusive placement agent for the private placement. Argo said the net proceeds from the placement will be used for working capital, general corporate purposes and debt repayment.