“This transaction with Galaxy is a transformational one for Argo and benefits the Company in several ways. It reduces our debt by $41 million (£34 million) and provides us with a stronger balance sheet and enhanced liquidity to help ensure continued operations through the ongoing bear market.”
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Argo’s subsidiary sells its Helios facility to Galaxy for $65 million (£54 million) and refinances equipment-backed loans with new $34 million (£28 million) loan with Galaxy.
Transactions reduce total indebtedness by $42 million (£34 million) and simplify Argo’s operating structure.Transactions strengthen Argo’s balance sheet, improve Argo’s liquidity position, and enable the Company to continue operations.
Argo maintains ownership of all its mining machines, and Galaxy will host Argo’s fleet of Bitmain S19J Pros at Helios.