Mining company Argo Blockchain announced a private placement financing of 8.3 million dollars.

according to Bitcoin.com, Bitcoin mining company Argo Blockchain has announced a private placement of common shares and accompanying warrants, targeting institutional investors. This transaction is expected to generate approximately £6.5 million ($8.3 million) in total proceeds. Argo stated that the net proceeds from this placement will be used for working capital, general corporate purposes, and debt repayment.

Argo Blockchain will issue 57.8 million common shares at a purchase price of £0.1125 per share, while also issuing warrants to purchase an additional 57.8 million shares. The new shares are expected to begin trading on the London Stock Exchange on or around July 31, 2024.