REG - Argo Blockchain PLC - Equipment Financing Agreement with NYDIG

Argo BlockchainAnnouncement

10/03/2022 07:01

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RNS Number : 2624E  Argo Blockchain PLC  10 March 2022

Press Release

10 March 2022

 

Argo Blockchain PLC

("Argo" or "the Company")

Argo Announces Equipment Financing Agreement with NYDIG

 

Argo Blockchain plc, a global leader in cryptocurrency mining (LSE: ARB;
NASDAQ: ARBK), announces that Argo Helios LLC ("Argo Helios"), a wholly owned
Delaware-registered subsidiary of Argo Blockchain plc, has entered into an
equipment financing agreement (the "Financing Agreement") with NYDIG ABL LLC
("NYDIG"), a wholly owned subsidiary of New York Digital Investment Group LLC.

As part of the Financing Agreement, NYDIG has loaned Argo Helios an aggregate
principal amount of $26.66 million (£20.23 million)* to recapitalize the
purchase of electrical infrastructure equipment (the "Financed Equipment") for
the Company's flagship cryptocurrency mining facility, Helios, in Dickens
County, Texas. The Company anticipates being able to energize the 200MW Helios
facility, and is still on track for facility completion, in the first half of
2022.

The aggregate principal amount outstanding bears interest of 8.25% per annum
and has a term of four years. Outstanding borrowings under the Financing
Agreement are secured by the Financed Equipment and the contracts to acquire
the Financed Equipment.

* Exchange rate correct as of 9 March 2022

Peter Wall, Chief Executive of Argo, said: "We are delighted to secure this
non-dilutive funding which will enable us to complete a crucial stage in our
fit out of our Helios site. NYDIG is one of the foremost bitcoin finance
companies in the industry and we are excited to leverage their knowledge and
insight of the sector in this newly formed relationship".

Josh Burandt, Head of Mining Services at NYDIG, said "The mission of our
mining services business is to help secure the bitcoin network by supporting
the growth of the world's leading Bitcoin miners. In pursuit of that mission,
we are excited to partner with Argo and provide infrastructure financing for
the launch of their state-of-the-art Texas facility."

 

Inside Information and Forward-Looking Statements

This announcement contains inside information and includes forward-looking
statements which reflect the Company's or, as appropriate, the Directors'
current views, interpretations, beliefs, or expectations with respect to the
Company's financial performance, business strategy and plans and objectives of
management for future operations.  These statements include forward-looking
statements both with respect to the Company and the sector and industry in
which the Company operates.  Statements which include the words "expects",
"intends", "plans", "believes", "projects", "anticipates", "will", "targets",
"aims", "may", "would", "could", "continue", "estimate", "future",
"opportunity", "potential" or, in each case, their negatives, and similar
statements of a future or forward-looking nature identify forward-looking
statements. All forward-looking statements address matters that involve risks
and uncertainties because they relate to events that may or may not occur in
the future.  Forward-looking statements are not guarantees of future
performance.  Accordingly, there are or will be important factors that could
cause the Company's actual results, prospects, and performance to differ
materially from those indicated in these statements.  In addition, even if
the Company's actual results, prospects and performance are consistent with
the forward-looking statements contained in this document, those results may
not be indicative of results in subsequent periods. These forward-looking
statements speak only as of the date of this announcement.  Subject to any
obligations under the Prospectus Regulation Rules, the Market Abuse
Regulation, the Listing Rules and the Disclosure and Transparency Rules and
except as required by the FCA, the London Stock Exchange, the City Code or
applicable law and regulations, the Company undertakes no obligation publicly
to update or review any forward-looking statement, whether as a result of new
information, future developments or otherwise. For a more complete discussion
of factors that could cause our actual results to differ from those described
in this announcement, please refer to the filings that Company makes from time
to time with the United States Securities and Exchange Commission and the
United Kingdom Financial Conduct Authority, including the section entitled
"Risk Factors" in the Company's Registration Statement on Form F-1.

 

For further information please contact:

 Argo Blockchain
 Peter Wall                          via Tancredi +44 203 434 2334

 Chief Executive
 finnCap Ltd
 Corporate Finance                   +44 207 220 0500

 Jonny Franklin-Adams

 Tim Harper

 Joint Corporate Broker

 Sunila de Silva
 Tennyson Securities
 Joint Corporate Broker              +44 207 186 9030

 Peter Krens
 OTC Markets
 Jonathan Dickson                    +44 204 526 4581

 jonathan@otcmarkets.com             +44 7731 815 896
 Tancredi Intelligent Communication

 UK & Europe Media Relations
 Emma Valgimigli                     +44 7727 180 873

 Emma Hodges                         +44 7861 995 628

 Fabio Galloni-Roversi Monaco        +44 7888 672 701

 Nasser Al-Sayed                     +44 7915 033 739

 argoblock@tancredigroup.com

About Argo:

Argo Blockchain plc is a global leader in cryptocurrency mining with one of
the largest and most efficient operations powered by clean energy. The Company
is headquartered in London, UK and its shares are listed on the Main Market of
the London Stock Exchange under the ticker: ARB and on the Nasdaq Global
Select Market in the United States under the ticker: ARBK.

 

 

 

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