RNS Number : 1939K
Argo Blockchain PLC
04 May 2022
04 May 2022
Argo Blockchain plc, a global leader in cryptocurrency mining (LSE: ARB; NASDAQ: ARBK), announces that Argo Helios LLC ("Argo Helios"), a wholly owned subsidiary of Argo Blockchain plc, has entered into additional loans under Argo's equipment financing agreement (the "Financing Agreement") with NYDIG ABL LLC ("NYDIG"), a wholly owned subsidiary of New York Digital Investment Group LLC.
As part of the additional financing, NYDIG will loan Argo Helios an aggregate principal amount of up to $70.60 million (£56.3 million)*, subject to customary drawdown conditions, to recapitalize the purchase of digital asset mining equipment (the "Financed Equipment") for the Company's flagship cryptocurrency mining facility, Helios, in Dickens County, Texas. Outstanding borrowings under the Financing Agreement are secured by the Financed Equipment and the contracts to acquire the Financed Equipment.
The key terms of each loan are as follows:
Peter Wall, Chief Executive of Argo, said: "We are delighted to secure this additional non-dilutive funding which will enable us to continue fitting out Phase 1 of our Helios site. NYDIG understands the financial requirements of large-scale bitcoin miners and we are excited to continue working with them to execute and deliver on the next phase of Argo's growth."
Josh Burandt, Head of Mining Services at NYDIG, said: "NYDIG is pleased to offer additional financing to Argo to complete the next phase of growth for their Helios site. This partnership will help further NYDIG's goal of securing the bitcoin network and supporting the growth of the world's leading Bitcoin miners. We are happy to support the growth of Argo's state-of-the-art Texas facility, and we look forward to growing the partnership across verticals."
* Exchange rate correct as of 3 May 2022
Inside Information and Forward-Looking Statements
This announcement contains inside information and includes forward-looking statements which reflect the Company's or, as appropriate, the Directors' current views, interpretations, beliefs or expectations with respect to the Company's financial performance, business strategy and plans and objectives of management for future operations. These statements include forward-looking statements both with respect to the Company and the sector and industry in which the Company operates. Statements which include the words "expects", "intends", "plans", "believes", "projects", "anticipates", "will", "targets", "aims", "may", "would", "could", "continue", "estimate", "future", "opportunity", "potential" or, in each case, their negatives, and similar statements of a future or forward-looking nature identify forward-looking statements. All forward-looking statements address matters that involve risks and uncertainties because they relate to events that may or may not occur in the future. Forward-looking statements are not guarantees of future performance. Accordingly, there are or will be important factors that could cause the Company's actual results, prospects and performance to differ materially from those indicated in these statements. In addition, even if the Company's actual results, prospects and performance are consistent with the forward-looking statements contained in this document, those results may not be indicative of results in subsequent periods. These forward-looking statements speak only as of the date of this announcement. Subject to any obligations under the Prospectus Regulation Rules, the Market Abuse Regulation, the Listing Rules and the Disclosure and Transparency Rules and except as required by the FCA, the London Stock Exchange, the City Code or applicable law and regulations, the Company undertakes no obligation publicly to update or review any forward-looking statement, whether as a result of new information, future developments or otherwise. For a more complete discussion of factors that could cause our actual results to differ from those described in this announcement, please refer to the filings that Company makes from time to time with the United States Securities and Exchange Commission and the United Kingdom Financial Conduct Authority, including the section entitled "Risk Factors" in the Company's Registration Statement on Form F-1.
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Argo Blockchain plc is a global leader in cryptocurrency mining with one of the largest and most eﬀicient operations powered by clean energy. The Company is headquartered in London, UK and its shares are listed on the Main Market of the London Stock Exchange under the ticker: ARB and on the Nasdaq Global Select Market in the United States under the ticker: ARBK.
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