Cryptocurrency miner Argo Blockchain raised $7.5 million by selling new shares

2023-07-19 16:19:58
Collection

ChainCatcher news, cryptocurrency miner Argo Blockchain (ARB) raised £5.7 million (approximately $7.5 million) through the sale of new shares.

The company, listed on the London Stock Exchange, stated on Wednesday that the sale included a private placement and a public offering, with the former raising £5.134 million and the latter raising £616,000. These funds will be used to reduce the company's outstanding debt. The number of shares sold represents about 12% of the company's pre-sale market value, priced at a discount of approximately 14% to Argo's 30-day volume-weighted average price (VWAP).

Previous report indicated that the London-based company reported a full-year net loss of £194.2 million, compared to a net income of £30.8 million the previous year, reflecting a significant decline in the value of Bitcoin (BTC) over the past 12 months, as mining companies across the industry struggle to survive.

Related tags
ChainCatcher reminds readers to view blockchain rationally, enhance risk awareness, and be cautious of various virtual token issuances and speculations. All content on this site is solely market information or related party opinions, and does not constitute any form of investment advice. If you find sensitive information in the content, please click "Report", and we will handle it promptly.
banner
ChainCatcher Building the Web3 world with innovators