Argo intends to pursue strategic opportunities
Argo Blockchain (LON:ARB) confirmed on Monday that it had finalised a fund-raising to allow the company to complete an investment in Pluto Digital Assets.
In addition, Argo intends to pursue strategic opportunities in crypto mining, capital investment, decentralised finance (DeFi) and Web 3.0 initiatives.
Following yesterday’s market close, Argo confirmed it has raised £26.8m via the placing of 9.6m new shares to investors. The cryptocurrency miner also offered a subscription of 361.977 shares to a number of US investors, as well as a subscription of 3.4m shares by PrimaryBid, each prices at 200p, a discount of 20%.
Argo Blockchain has struck an agreement to invest £7.3m in Pluto’s current funding round to secure its 25% shareholding. Argo will receive 121m shares issued a 6p per share, along with 121m warrants exercisable at a price of 12p each.
Argo Blockchain chief executive, Peter Wall, commented on the fundraising and the company’s expansion:
“We are pleased to announce this fundraising which presents Argo with the opportunity to further invest in and expand its mining infrastructure. It will also allow the company to diversify its investments within the cryptocurrency and blockchain ecosystem through our follow-on investment in Pluto Digital Assets,” Argo chief executive Peter Wall said in a statement.
“Argo’s anchor investment in Pluto demonstrates the company’s desire to operate at the forefront of new blockchain technologies which are revolutionising the sector. We are also very excited to be able to open this round to existing retail shareholders and institutions that have been so supportive of us to ensure that as many of our shareholders as possible are able to invest in the company during the fundraising,” he added.
Since the turn of the year, Argo has seen a sharp upturn in the value of its stock.
