Press release
March 3, 2025
Argo Blockchain Plc
(“Argo” or “The Company”)
Term sheet for maximum funding of $ 40 million
Not for distribution to News United News wire services or for broadcasting in the United States.
Argo Blockchain PLC (LSE: NASDAQ: ARBK) is pleased to announce that it has concluded a non -binding mandate sheet for a maximum of 40 million dollars in convertible loans guaranteed of senior (“funding”) on February 25, 2025. The initial financing tranche would be $ 15 million with slices of $ 25 million dollars advanced in the next 18 months.
The funding product must be used to refresh Baie Comeau d’Argo, the Quebec mining fleet, to strengthen the balance sheet and assess a pipeline of fusion and acquisition possibilities.
The financing will not be depreciating, will carry an interest rate of approximately 8% and will have a conversion bonus of 25% at the closing price of argo shares the day before final documents. Funding should be funded by up to three multinational institutional investors (“group of investors”) and will include mandate coverage of 30%, also at a closing price. The group of investors will have three seats on the board of directors at the end of final documents and the approval of shareholders.
The company granted the group of investors an exclusivity period of 20 days (extensions to be considered in good faith depending on the progress made) and agreed to pay termination fees of $ 150,000 in certain circumstances. The approval of the shareholders and a derogation by the group of redemption of Rule 9 of the Code of Takeer must implement the financing and the Company must issue a prospectus for admission of actions resulting from funding and the mandate.
This press release does not constitute an offer of sales or solicitation of an offer to buy securities in the United States. The securities offered by this have not been and will not be recorded under the United States Securities Act of 1933, as modified (the “1933 law”) or any laws on the securities of states and cannot be proposed or sold in the United States or to American people (as defined in the regulations under the 1933 law) unless the securities are recorded under law 1933 and all applicable state security laws, or no longer
No insurance of the final agreements
There is no guarantee that final agreements for financing will be signed or that funding will be consumed. If Argo fails to finish funding, Argo may need to explore other financing opportunities. The company strives to finish such funding to provide the company with sufficient working fund for its current requirements, at least the next twelve months from the date of this announcement.
The chairman of the board of directors, Matt Shaw, said: “We believe that this funding will allow profitable growth at Argo and will strengthen our balance sheet. The Argo team is working closely with the group of investors to eliminate reasonable diligence and refine our business plan in a timely manner. The company is impatiently awaiting other updates during crystallization.”
This announcement contains interior information.
For more information, please contact:
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Argo blockchain |
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Relations with investors |
ir@argoblockchain.com |
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Tennyson Securities |
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Business broker Peter Krens |
+44 207 186 9030 |
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Fortified titles |
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Spouse Guy Wheatley, CFA |
+44 7493 989014 guy.wheatley@fortifiedsecurities.com |
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Intelligent communication from Tancredi British and European media relations |
Argoblock@tancredigroup.com |
About Argo:
Argo Blockchain PLC is a double-list blockchain technology company (LSE: ARB; NASDAQ: ARBK) focused on the exploitation of large-scale cryptocurrency. With a mining installation in Quebec and offices in the United States, Canada and the United Kingdom, Argo global and sustainable operations are mainly powered by renewable energies. In 2021, Argo became the first company in positive climate cryptocurrency and a signatory to the Crypto climate agreement. For more information, visit www.argoblockchain.com.
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