Argo Blockchain raised new funds through a private share placement.
The publicly-listed Bitcoin mining company will use the money for debt repayment.
Bitcoin miner Argo
Blockchain, listed
on both Wall Street and the London Stock Exchange (LSE), has announced a £6.5 million private placement agreement with an
institutional investor. The deal involves the issuance of 57,800,000 ordinary
shares at £0.1125 per share on the LSE, along with warrants to purchase an
additional 57,800,000 shares at the same price.
Argo Blockchain Secures
£6.5 Million in Private Placement Deal
The
placement price represents a premium to Argo's recent trading averages and a
10% discount to the closing price on July 29. H.C. Wainwright & Co. is
serving as the exclusive placement agent for the transaction.
Argo plans
to use the net proceeds for working capital, general corporate purposes, and
debt repayment. The company expects the placement shares to be admitted to
trading on the London Stock Exchange's Main Market around July 31, 2024.
“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,”
the company commented.
Following
the placement, Argo's total issued share count will increase to 636,352,148.
The newly issued shares and any shares from exercised warrants will have equal
ranking with existing ordinary shares.
On the Nasdaq,
the miner's shares (ARBK) tested the $2 level during Monday's session, the
highest in over three months. However, before the session ended, they fell to
$1.6. Meanwhile, on the LSE (ARB), the company's shares did not react strongly
to the latest information on Tuesday and are trading around 11 pence, after
testing the 13.5 pence level on Monday, which was the high from April.
Crypto Miner Reduced
Losses
Argo
Blockchain operates cryptocurrency mining facilities in Quebec and Texas, with
a focus on sustainable practices powered by renewable energy. Recent financial
reports from Argo paint a picture of improving performance and strategic
adjustments in the face of industry headwinds.
In its
latest quarterly update, the company reported a revenue of $16.8 million,
marking a 4% increase from the previous quarter and an impressive
year-over-year growth of nearly 50%. This uptick in revenue was accompanied by
a substantial reduction in net loss, which decreased to $3.2 million—a third
of what it was in the prior period.
“We exited
the Bitcoin halving with cash of over $12 million, Q1 debt reduction of over
$12 million and streamlined Quebec operations resulting from the sale of
Mirabel,” commented Thomas Chippas, the Chief Executive Officer of Argo.
“We are enthusiastic about Argo's future growth and development and are
dedicated to delivering value to our shareholders.”
Looking
back at the full-year results for 2023, Argo demonstrated resilience in a
challenging market environment. The company managed to achieve a modest gross
profit. In addition, it saw an 85% reduction in losses compared to the previous
year, indicating progress in the company's efforts to streamline operations and
improve financial health.
Bitcoin miner Argo
Blockchain, listed
on both Wall Street and the London Stock Exchange (LSE), has announced a £6.5 million private placement agreement with an
institutional investor. The deal involves the issuance of 57,800,000 ordinary
shares at £0.1125 per share on the LSE, along with warrants to purchase an
additional 57,800,000 shares at the same price.
Argo Blockchain Secures
£6.5 Million in Private Placement Deal
The
placement price represents a premium to Argo's recent trading averages and a
10% discount to the closing price on July 29. H.C. Wainwright & Co. is
serving as the exclusive placement agent for the transaction.
Argo plans
to use the net proceeds for working capital, general corporate purposes, and
debt repayment. The company expects the placement shares to be admitted to
trading on the London Stock Exchange's Main Market around July 31, 2024.
“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,”
the company commented.
Following
the placement, Argo's total issued share count will increase to 636,352,148.
The newly issued shares and any shares from exercised warrants will have equal
ranking with existing ordinary shares.
On the Nasdaq,
the miner's shares (ARBK) tested the $2 level during Monday's session, the
highest in over three months. However, before the session ended, they fell to
$1.6. Meanwhile, on the LSE (ARB), the company's shares did not react strongly
to the latest information on Tuesday and are trading around 11 pence, after
testing the 13.5 pence level on Monday, which was the high from April.
Crypto Miner Reduced
Losses
Argo
Blockchain operates cryptocurrency mining facilities in Quebec and Texas, with
a focus on sustainable practices powered by renewable energy. Recent financial
reports from Argo paint a picture of improving performance and strategic
adjustments in the face of industry headwinds.
In its
latest quarterly update, the company reported a revenue of $16.8 million,
marking a 4% increase from the previous quarter and an impressive
year-over-year growth of nearly 50%. This uptick in revenue was accompanied by
a substantial reduction in net loss, which decreased to $3.2 million—a third
of what it was in the prior period.
“We exited
the Bitcoin halving with cash of over $12 million, Q1 debt reduction of over
$12 million and streamlined Quebec operations resulting from the sale of
Mirabel,” commented Thomas Chippas, the Chief Executive Officer of Argo.
“We are enthusiastic about Argo's future growth and development and are
dedicated to delivering value to our shareholders.”
Looking
back at the full-year results for 2023, Argo demonstrated resilience in a
challenging market environment. The company managed to achieve a modest gross
profit. In addition, it saw an 85% reduction in losses compared to the previous
year, indicating progress in the company's efforts to streamline operations and
improve financial health.
Damian's adventure with financial markets began at the Cracow University of Economics, where he obtained his MA in finance and accounting. Starting from the retail trader perspective, he collaborated with brokerage houses and financial portals in Poland as an independent editor and content manager. His adventure with Finance Magnates began in 2016, where he is working as a business intelligence analyst.
SEC Reiterates Binance’s Illegal Operations, Highlights “Lack of Disclosure”
Transformation in the APAC Trading Landscape and Beyond | FMPS:24
Transformation in the APAC Trading Landscape and Beyond | FMPS:24
As the financial services industry experiences rapid and transformative changes, leading fintech experts and policymakers come together to discuss the present and future of retail trading and the evolving regulatory landscape. Join this insightful session for a forward-looking perspective on the trends, innovations, and trader needs that are shaping the future of offerings on a global scale.
Speakers:
Eric Blewitt, CEO, Investment Trends
Rhys Bollen, Senior Executive Leader, Digital Assets, Australian Securities and Investments Commission (ASIC)
Michael Bogoevski, Head of Institutional Sales, CMC Connect
Karin Setchell, General Manager, Product & Investing Solutions, CommSec
#fmps #fmps24 #fmevents #RetailTrading #FintechInnovation #FinancialRegulation #DigitalAssets #GlobalFinance
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As the financial services industry experiences rapid and transformative changes, leading fintech experts and policymakers come together to discuss the present and future of retail trading and the evolving regulatory landscape. Join this insightful session for a forward-looking perspective on the trends, innovations, and trader needs that are shaping the future of offerings on a global scale.
Speakers:
Eric Blewitt, CEO, Investment Trends
Rhys Bollen, Senior Executive Leader, Digital Assets, Australian Securities and Investments Commission (ASIC)
Michael Bogoevski, Head of Institutional Sales, CMC Connect
Karin Setchell, General Manager, Product & Investing Solutions, CommSec
#fmps #fmps24 #fmevents #RetailTrading #FintechInnovation #FinancialRegulation #DigitalAssets #GlobalFinance
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Executive Interviews with Joe Li & Simon Naish | ATFX | FMPS:24
Executive Interviews with Joe Li & Simon Naish | ATFX | FMPS:24
In this Finance Magnates Executive Interview, Joe Li, Chairman at ATFX and Simon Naish, Country Head of Australia at ATFX Connect, discuss ATFX’s strategic growth in the APAC region, particularly focusing on their institutional arm, ATFX Connect. They highlight the importance of Australia as a strategic hub, the challenges of operating in a highly competitive and regulated market, and their plans for regional expansion across APAC. The conversation touches on the integration of advanced technology and multi-asset offerings, the significance of optimal execution tools, and the importance of tailoring solutions to meet the sophisticated demands of institutional clients. They also emphasize their strong regulatory compliance and their commitment to enhancing client experience through innovative tools and infrastructure.
#fmps #fmps24 #fmevents #ATFXConnect #APACFinance #InstitutionalTrading #FinancialTechnology #MarketExpansion
📣 Stay updated with the latest in finance and trading!
Follow FMevents across our social media platforms for news, insights, and event updates.
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In this Finance Magnates Executive Interview, Joe Li, Chairman at ATFX and Simon Naish, Country Head of Australia at ATFX Connect, discuss ATFX’s strategic growth in the APAC region, particularly focusing on their institutional arm, ATFX Connect. They highlight the importance of Australia as a strategic hub, the challenges of operating in a highly competitive and regulated market, and their plans for regional expansion across APAC. The conversation touches on the integration of advanced technology and multi-asset offerings, the significance of optimal execution tools, and the importance of tailoring solutions to meet the sophisticated demands of institutional clients. They also emphasize their strong regulatory compliance and their commitment to enhancing client experience through innovative tools and infrastructure.
#fmps #fmps24 #fmevents #ATFXConnect #APACFinance #InstitutionalTrading #FinancialTechnology #MarketExpansion
📣 Stay updated with the latest in finance and trading!
Follow FMevents across our social media platforms for news, insights, and event updates.
Connect with us today:
🔗 LinkedIn: https://www.linkedin.com/showcase/financemagnates-events/
👍 Facebook: https://www.facebook.com/FinanceMagnatesEvents
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Ready to Scale? Regtech in Australia, A Global View | FMPS:24
Ready to Scale? Regtech in Australia, A Global View | FMPS:24
In the effort to elevate Australian fintech on the global stage, RegTech presents a unique and compelling case. Despite the increasing demand for robust compliance solutions, Australia's RegTech sector—ranked third-largest globally—remains underfunded. Join this insightful fireside chat to explore the future of Australia’s RegTech hub and its global potential.
Key discussion points include uncovering the hidden opportunities in RegTech that VCs are overlooking, the necessary steps for increased governmental support, the readiness of the local ecosystem to collaborate across global regulatory regimes, and lessons learned from other leading fintech hubs around the world.
Speakers:
Dickie Currer, National Lead, Tech Australia Advocates
Deborah Young, CEO, The RegTech Association
#fmps #fmps24 #fmevents #RegTech #Fintech #AustralianFintech #GlobalCompliance #TechInnovation
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In the effort to elevate Australian fintech on the global stage, RegTech presents a unique and compelling case. Despite the increasing demand for robust compliance solutions, Australia's RegTech sector—ranked third-largest globally—remains underfunded. Join this insightful fireside chat to explore the future of Australia’s RegTech hub and its global potential.
Key discussion points include uncovering the hidden opportunities in RegTech that VCs are overlooking, the necessary steps for increased governmental support, the readiness of the local ecosystem to collaborate across global regulatory regimes, and lessons learned from other leading fintech hubs around the world.
Speakers:
Dickie Currer, National Lead, Tech Australia Advocates
Deborah Young, CEO, The RegTech Association
#fmps #fmps24 #fmevents #RegTech #Fintech #AustralianFintech #GlobalCompliance #TechInnovation
📣 Stay updated with the latest in finance and trading!
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Resilience in Trading: From Third Class To World Class | FMPS:24
Resilience in Trading: From Third Class To World Class | FMPS:24
Join Mario Singh, Founder and Chairman of Fullerton Markets, as he shares his life story, highlighting the traits that were required starting without financial knowledge to become a financial and trading expert recognised by world-renowned media like CNBC & Bloomberg.
#fmps #fmps24 #fmevents #trading #onlinetrading #tradingexpert #tradingjourney
📣 Stay updated with the latest in finance and trading!
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Join Mario Singh, Founder and Chairman of Fullerton Markets, as he shares his life story, highlighting the traits that were required starting without financial knowledge to become a financial and trading expert recognised by world-renowned media like CNBC & Bloomberg.
#fmps #fmps24 #fmevents #trading #onlinetrading #tradingexpert #tradingjourney
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IBs and Brokers: The Good, The Bad, The Ugly | FMPS:24
IBs and Brokers: The Good, The Bad, The Ugly | FMPS:24
For most brokers, IBs and trading educators are invaluable partners, driving highly targeted traffic from key regions. However, without proper management, these relationships can quickly turn sour. In this session, gain an insider’s perspective on the types of licenses IBs need in APAC, the crucial details in IB agreements that both parties must scrutinize, common disputes between IBs and brokers and effective resolutions, and the pros and cons of transitioning from IB to broker.
Speakers:
Melody Gao, Senior Lawyer, Sophie Grace
James Perry-Keene, Head of Strategic Partnerships, Pepperstone
Christopher Balanzategui, CEO, N3tworx
#fmps #fmps24 #fmevents #IBAgreements #BrokerPartnerships #TradingIndustry #APACFinance #FinancialRegulation
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For most brokers, IBs and trading educators are invaluable partners, driving highly targeted traffic from key regions. However, without proper management, these relationships can quickly turn sour. In this session, gain an insider’s perspective on the types of licenses IBs need in APAC, the crucial details in IB agreements that both parties must scrutinize, common disputes between IBs and brokers and effective resolutions, and the pros and cons of transitioning from IB to broker.
Speakers:
Melody Gao, Senior Lawyer, Sophie Grace
James Perry-Keene, Head of Strategic Partnerships, Pepperstone
Christopher Balanzategui, CEO, N3tworx
#fmps #fmps24 #fmevents #IBAgreements #BrokerPartnerships #TradingIndustry #APACFinance #FinancialRegulation
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