REG - Argo Blockchain PLC - Private Placement With Institutional Investor

Argo BlockchainAnnouncement

30/07/2024 07:00

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RNS Number : 3577Y  Argo Blockchain PLC  30 July 2024

Press release

30 July 2024

 

Argo Blockchain plc

('Argo' or 'the Company')

£6.5 Million Private Placement With Institutional Investor

 

Argo Blockchain plc, (LSE: ARB; NASDAQ: ARBK), is pleased to announce that it
has entered into a securities purchase agreement for a private placement of
its ordinary shares ("Ordinary Shares") and accompanying warrants to purchase
Ordinary Shares to an institutional investor for gross proceeds of
approximately GBP £6.5 million (the "Private Placement"). Pursuant to the
Private Placement, the Company will issue 57,800,000 Ordinary Shares (the
"Placement Shares") at a purchase price of GBP £0.1125 per Ordinary Share
along with warrants to purchase up to 57,800,000 Ordinary Shares (the
"Warrants").  The Warrants have an exercise price of GBP £0.1125 per share
and an exercise period of five years.

The issuance price is at a premium to the 30 day VWAP, 60 day VWAP and 90 day
VWAP and at a 10% discount to the closing middle market price of an Ordinary
Share on the London Stock Exchange on 29 July 2024.

H.C. Wainwright & Co. is acting as the exclusive placement agent for the
Private Placement.

The net proceeds of the Private Placement will be used by the Company for
working capital and general corporate purposes, including the repayment of
indebtedness.

Application will be made for the Placement Shares and the shares issuable upon
exercise of the Warrants (the "Warrant Shares"), if exercised, to be admitted
to the Official List and to trading on the Main Market of the London Stock
Exchange. Admission of the Placement Shares and the closing of the Private
Placement are expected to occur on or about 31 July 2024 ("Admission"). The
Placement Shares and Warrant Shares, if any, will rank pari passu with the
existing Ordinary Shares of the Company.

Following Admission, the total number of Ordinary Shares in issue will be
636,352,148, and the total number of voting rights will therefore be
636,352,148. This figure may be used by shareholders as the denominator for
the calculations by which they will determine if they are required to notify
their interest in, or a change to their interest in, the share capital of the
Company under the FCA's Disclosure Guidance and Transparency Rules.

The securities being offered have not been, nor will they be, registered under
the United States Securities Act of 1933, as amended, and such securities may
not be offered or sold within the United States absent registration under U.S.
federal and state securities laws or an applicable exemption from such U.S.
registration requirements.

This announcement shall not constitute an offer to sell or the solicitation of
an offer to buy nor shall there be any sale of the securities in any
jurisdiction in which such offer, solicitation or sale would be unlawful prior
to registration or qualification under the securities laws of any such
jurisdiction.

Forward looking statements

This announcement contains "forward-looking statements," which can be
identified by words like "may," "will," "likely," "should," "expect,"
"anticipate," "future," "plan," "believe," "intend," "goal," "seek,"
"estimate," "project," "continue" and similar expressions. Forward-looking
statements are neither historical facts nor assurances of future performance.
Instead, they are based only on the Company's current beliefs, expectations
and assumptions regarding the future of its business, future plans and
strategies, projections, anticipated events and trends, the economy and other
future conditions. Because forward-looking statements relate to the future,
they are subject to inherent uncertainties, risks and changes in circumstances
that are difficult to predict and many of which are outside of the Company's
control. The information in this announcement about future plans and
objectives of the Company, including the expectation to complete the Private
Placement and the expected expenditure of the net proceeds of the Private
Placement, are forward-looking statements. The Company's actual results and
financial condition may differ materially from those indicated in the
forward-looking statements. Therefore, you should not rely on any of these
forward-looking statements. Important factors that could cause the Company's
actual results and financial condition to differ materially from those
indicated in the forward-looking statements include, market and other
conditions, the principal risks and uncertainties listed in the risk factors
set forth in our Annual Report and Financial Statements and Form 20-F for the
year ended December 31, 2023, and our Interim Report as of March 31, 2024.

 

For further information please contact:

 Argo Blockchain plc
 Investor Relations   ir@argoblockchain.com (mailto:ir@argoblockchain.com)

 

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 (http://www.argoblockchain.com/) .

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