{"id":81918,"date":"2023-07-19T17:16:13","date_gmt":"2023-07-19T14:16:13","guid":{"rendered":"https:\/\/forklog.com\/en\/?p=81918"},"modified":"2025-09-12T01:55:30","modified_gmt":"2025-09-11T22:55:30","slug":"argo-blockchain-raises-7-5-million-to-repay-debt","status":"publish","type":"post","link":"https:\/\/u1f987.com\/en\/argo-blockchain-raises-7-5-million-to-repay-debt\/","title":{"rendered":"Argo Blockchain raises $7.5 million to repay debt"},"content":{"rendered":"

The mining company Argo Blockchain raised \u00a35.75 million<\/a> (~$7.5 million) in a share issue. The funds will be used to repay debt and finance new projects.<\/p>\n

The company sold 51,340,000 ordinary shares to institutional investors and 6,160,000 shares to retail investors at \u00a30.10 each (~$0.13) \u2014 representing 12% of the current equity.<\/p>\n

Initially the firm targeted an issue of 47,750,000 shares to raise \u00a34.78 million (~$6.18 million), but strong demand allowed the offer to be upsized.<\/p>\n

The shares were issued at a 14% discount to the 30-trading-day VWAP and about 26% to the 18 July close.<\/p>\n

The expansion of supply at a price below market value knocked about 20.5% off Argo Blockchain’s market capitalization. Since the start of the year, the company’s shares have risen 48%.<\/p>\n

\n
\"image-456\"
Daily chart of Argo Blockchain shares on Nasdaq. Data: Finviz<\/a>.<\/figcaption><\/figure>\n<\/div>\n

Argo ended 2022 with a net loss of $240 million. In January the firm avoided delisting<\/a> on Nasdaq, where it has been trading<\/a> since 2021.<\/p>\n

In the first quarter of 2023, the company generated revenue<\/a> of $11.4 million \u2014 up 15% from the previous period.<\/p>\n

Interim CEO Seif El-Bakli noted that the firm cut operating costs quarter-on-quarter by about 70%. After the completion of the sale for $65 million of the flagship Helios data centre in Texas, Galaxy Digital’s equipment park located there gained access to cheaper electricity.<\/p>\n

Throughout the quarter, Argo received and installed a batch of BlockMiner miners from ePIC on Intel<\/a> chips with a total hash rate of 300 PH\/s. The company expects that completing deliveries and deploying the entire ordered volume of devices will push its compute power to roughly 2.8 EH\/s.<\/p>\n","protected":false},"excerpt":{"rendered":"

The mining company Argo Blockchain raised \u00a35.75 million (~$7.5 million) in a share issue. The funds will be used to repay debt and finance new projects.<\/p>\n","protected":false},"author":1,"featured_media":81919,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"select":"1","news_style_id":"1","cryptorium_level":"","_short_excerpt_text":"","creation_source":"","_metatest_mainpost_news_update":false,"footnotes":""},"categories":[3],"tags":[1182,1137,1211],"class_list":["post-81918","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-and-analysis","tag-argo-blockchain","tag-cryptocurrency-mining","tag-stock-market"],"aioseo_notices":[],"amp_enabled":true,"views":"22","promo_type":"1","layout_type":"1","short_excerpt":"","is_update":"","_links":{"self":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/81918","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/comments?post=81918"}],"version-history":[{"count":1,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/81918\/revisions"}],"predecessor-version":[{"id":81920,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/81918\/revisions\/81920"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media\/81919"}],"wp:attachment":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media?parent=81918"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/categories?post=81918"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/tags?post=81918"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}