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.
Thomas Chippas, Argo. Source: LinkedIn
“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.
Thomas Chippas, Argo. Source: LinkedIn
“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.
From Chat to Stock: xStocks Puts Tokenized U.S. Equities Inside TON Wallet on Telegram
Executive Interview | Charlotte Bullock | Chief Product Officer, Bank of London | FMLS:25
Executive Interview | Charlotte Bullock | Chief Product Officer, Bank of London | FMLS:25
In this interview, we sat down with Charlotte Bullock, Head of Product at The Bank of London, previously at SAP and now shaping product at one of the sector’s most ambitious new banking players.
Charlotte reflects on the Summit so far and talks about the culture inside fintech banks today. We look at the pressures that come with scaling, and how firms can hold onto the nimble approach that made them stand out early on.
We also cover the state of payments ahead of her appearance on the payments roundtable: the blockages financial firms face, the areas that still need fixing, and what a realistic solution looks like in 2026.
In this interview, we sat down with Charlotte Bullock, Head of Product at The Bank of London, previously at SAP and now shaping product at one of the sector’s most ambitious new banking players.
Charlotte reflects on the Summit so far and talks about the culture inside fintech banks today. We look at the pressures that come with scaling, and how firms can hold onto the nimble approach that made them stand out early on.
We also cover the state of payments ahead of her appearance on the payments roundtable: the blockages financial firms face, the areas that still need fixing, and what a realistic solution looks like in 2026.
In this conversation, we sit down with Drew Niv, CSO at ATFX Connect and one of the most influential figures in modern FX.
We speak about market structure, the institutional view on liquidity, and the sharp rise of prop trading, a sector Drew has been commenting on in recent months. Drew explains why he once dismissed prop trading, why his view changed, and what he now thinks the model means for brokers, clients and risk managers.
We explore subscription-fee dependency, the high reneging rate, and the long-term challenge: how brokers can build a more stable and honest version of the model. Drew also talks about the traffic advantage standalone prop firms have built and why brokers may still win in the long run if they take the right approach.
In this conversation, we sit down with Drew Niv, CSO at ATFX Connect and one of the most influential figures in modern FX.
We speak about market structure, the institutional view on liquidity, and the sharp rise of prop trading, a sector Drew has been commenting on in recent months. Drew explains why he once dismissed prop trading, why his view changed, and what he now thinks the model means for brokers, clients and risk managers.
We explore subscription-fee dependency, the high reneging rate, and the long-term challenge: how brokers can build a more stable and honest version of the model. Drew also talks about the traffic advantage standalone prop firms have built and why brokers may still win in the long run if they take the right approach.
Executive Interview | Remonda Z. Kirketerp Møller| CEO & Founder Muinmos | FMLS:25
Executive Interview | Remonda Z. Kirketerp Møller| CEO & Founder Muinmos | FMLS:25
In this interview, Remonda Z. Kirketerp Møller, founder of Muinmos, breaks down the state of AI in regtech and what responsible adoption really looks like for brokers. We talk about rising fragmentation, the pressures around compliance accuracy, and why most firms are still in the early stages of AI maturity.
Ramanda also shares insights on regulator sandboxes, shifting expectations around accountability, and the current reality of MiCA licensing and passporting in Europe.
A concise look at where compliance, onboarding, and AI-driven processes are heading next.
In this interview, Remonda Z. Kirketerp Møller, founder of Muinmos, breaks down the state of AI in regtech and what responsible adoption really looks like for brokers. We talk about rising fragmentation, the pressures around compliance accuracy, and why most firms are still in the early stages of AI maturity.
Ramanda also shares insights on regulator sandboxes, shifting expectations around accountability, and the current reality of MiCA licensing and passporting in Europe.
A concise look at where compliance, onboarding, and AI-driven processes are heading next.
In this conversation, we speak with Aydin Bonabi, CEO and co-founder of Surveill, a firm focused on fraud detection and AI-driven compliance tools for financial institutions.
We start with Aydin’s view of the Summit and the challenges brokers face as fraud tactics grow more complex. He explains how firms can stay ahead through real-time signals, data patterns, and early-stage detection.
We also talk about AI training and why compliance teams often struggle to keep models accurate, fair, and aligned with regulatory expectations. Aydin breaks down what “good” AI training looks like inside a financial environment, including the importance of clean data, domain expertise, and human oversight.
He closes with a clear message: fraud is scaling, and so must the tools that stop it.
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We start with Aydin’s view of the Summit and the challenges brokers face as fraud tactics grow more complex. He explains how firms can stay ahead through real-time signals, data patterns, and early-stage detection.
We also talk about AI training and why compliance teams often struggle to keep models accurate, fair, and aligned with regulatory expectations. Aydin breaks down what “good” AI training looks like inside a financial environment, including the importance of clean data, domain expertise, and human oversight.
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Exness expands its presence in Africa: Inside our interview with Paul Margarites in Cape Town
Exness expands its presence in Africa: Inside our interview with Paul Margarites in Cape Town
Finance Magnates met with Paul Margarites, Exness regional commercial director for Sub-Saharan Africa, during a visit to the firm’s office opening in Cape Town. In this talk, led by Andrea Badiola Mateos, Co-CEO at Finance Magnates, Paul shares views on the South African trading space, local user behavior, mobile trends, regulation, team growth, and how Exness plans to grow in more markets across the region. @Exness
Read the article at: https://www.financemagnates.com/thought-leadership/exness-expands-its-presence-in-africa-inside-our-interview-with-paul-margarites/
#exness #financemagnates #exnesstrading #CFDtrading #tradeonline #africanews #capetown
Finance Magnates met with Paul Margarites, Exness regional commercial director for Sub-Saharan Africa, during a visit to the firm’s office opening in Cape Town. In this talk, led by Andrea Badiola Mateos, Co-CEO at Finance Magnates, Paul shares views on the South African trading space, local user behavior, mobile trends, regulation, team growth, and how Exness plans to grow in more markets across the region. @Exness
Read the article at: https://www.financemagnates.com/thought-leadership/exness-expands-its-presence-in-africa-inside-our-interview-with-paul-margarites/
#exness #financemagnates #exnesstrading #CFDtrading #tradeonline #africanews #capetown
