Fortified Securities acted as co-lead broker to Argo Blockchain’s oversubscribed placing raising £5.8m from a range of institutional and retail investors.
Argo Blockchain PLC is a dual listed global leader in cryptocurrency mining (LSE: ARB; NASDAQ: ARBK). The fundraising, which is subject to an additional retail offer through PrimaryBid, will be used by the Company to reduce its outstanding indebtedness and to pursue strategic growth projects in line with its most recent operational updates.
For full details, the announcement can be found here - Announcement
Guy Wheatley, Managing Partner noted:
“It has been great to work with Seif and the team at Argo to put together an impressive fundraise alongside Tennyson. Despite challenging general market conditions we were able to raise the funds at 10p per share (representing a 14% discount to the 30 trading day VWAP), which clearly is a demonstration that our investors, and those of the other brokering teams, have faith in the management of Argo and the ability to deliver their growth plans and debt reduction strategy. We at Fortified Securities look forward to working with Argo over the coming months on their acceleration journey into Argo’s ambitious projects.”
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