Press Release
10 September 2021
Argo Blockchain PLC
("Argo" or "The Company")
Bitcoin-backed loan agreement
Argo Blockchain plc, a global leader in cryptocurrency mining (LSE:ARB), is pleased to announce that it has entered into a £18.05 million* (US $25 million) loan agreement with a maturity date of 29 October 2021 with Galaxy Digital LP, using a portion of the Company's Bitcoin holding as collateral.
The Company's outstanding loan with Galaxy Digital of £14 million** ($20 million) will be rolled into the new loan agreement, resulting in a total outstanding principal amount of £32.05 million ($45 million). The proceeds of the loan will be used, in conjunction with funds raised by the Company previously, to continue the build out of the Company's West Texas data centre and to meet the Company's operating cash flow requirements. The loan will enable Argo to retain its current Bitcoin holding, whilst further expanding its mining operations. Argo is delighted to continue working with Galaxy as its financing partner.
This announcement contains inside information.
*Exchange rate calculated at 9 September 2021.
**Exchange rate calculated at 28 June 2021.
For further information please contact:
| Argo Blockchain | |
| Peter Wall Chief Executive | via Tancredi +44 203 434 2334
|
| finnCap Ltd | |
| Corporate Finance Jonny Franklin-Adams Tim Harper Joint Corporate Broker Sunila de Silva | +44 207 220 0500
|
| Tennyson Securities | |
| Joint Corporate Broker Peter Krens | +44 207 186 9030 |
| OTC Markets | |
| Jonathan Dickson | +44 204 526 4581 +44 7731 815 896 |
| Tancredi Intelligent Communication UK & Europe Media Relations | |
| Emma Valgimigli Emma Hodges Salamander Davoudi
| +44 7727 180 873 +44 7861 995 628 +44 7957 549 906 |
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