Argo Blockchain PLC recently announced that it has successfully raised funds through a share placing, with the primary purpose of repaying debts and maintaining their strong performance. Despite a temporary decline in share value, Argo remains optimistic about their future plans.
To raise the necessary funds, Argo issued 38.1 million new shares, generating gross proceeds of GBP7.8 million. The placing price of 20.50 pence per share represented a slight discount compared to the company’s average price for the preceding 30 days. These funds will contribute towards the company’s working capital requirements, debt repayments, and general corporate needs.
Argo Blockchain’s performance in 2023 has been largely positive. The company mined 155 bitcoin in December, surpassing their previous month’s production of 145 bitcoin. Additionally, revenue for December increased by 25% compared to November, reaching a total of USD6.6 million.
Thomas Chippas, Argo’s Chief Executive, expressed his satisfaction with the company’s performance, highlighting the 20% increase in daily production during the fourth quarter. Despite a higher network difficulty in the same period, Argo continues to demonstrate their operational resilience.
In other news, Argo’s Chief Operating Officer, Seif El-Bakly, recently stepped down from his position to pursue other opportunities. Chief Strategy Officer, Sebastien Chalus, will assume El-Bakly’s responsibilities, as he has been overseeing the operations team since February. Argo acknowledged El-Bakly’s service and confirmed that his performance share units vested as of his departure.
Although Argo Blockchain experienced a 10% decrease in share value, the company believes that the funds raised through the share placing will not only help repay debts but also contribute to their ongoing success. Argo remains confident in their ability to navigate the cryptocurrency mining industry and sustain their positive performance.
The source of the article is from the blog lokale-komercyjne.pl