Argo Blockchain PLC Announces Closing of Transactions - Galaxy Digital Holdings

Rhea-AI Summary

Argo Blockchain plc has finalized its transactions with Galaxy Digital Holdings, Ltd., which include selling its Helios facility in Texas for $65 million (£54 million) and refinancing its asset-backed loans. A hosting agreement with Galaxy was also established to keep Argo's mining machines operational at the Helios site. This strategic move is part of Argo's efforts to strengthen its position in the cryptocurrency mining sector while maintaining a commitment to sustainability.

Positive

• Sold Helios facility for $65 million, strengthening liquidity.
• Refinanced asset-backed loans, improving financial flexibility.
• Established hosting agreement with Galaxy, ensuring continued mining operations.

Negative

• None.

Closing of Transactions with Galaxy Digital Holdings, Ltd.

LONDON, UK / ACCESSWIRE / December 29, 2022 / Argo Blockchain plc (LSE:ARB)(NASDAQ:ARBK), a global leader in cryptocurrency mining, is pleased to announce that it has closed the previously announced transactions with Galaxy Digital Holdings, Ltd. (TSX: GLXY) ("Galaxy"). The Company has sold its Helios facility in Dickens County, Texas for $65 million (£54 million), refinanced its asset-backed loans, and entered into a hosting agreement with Galaxy to maintain Argo's mining machines at the Helios facility. Full details of the transactions were disclosed in an announcement on 28 December 2022.

For further information please contact:

Argo Blockchain
Peter Wall Chief Executive	ir@argoblockchain.com
finnCap Ltd
Corporate Finance Jonny Franklin-Adams Seamus Fricker Joint Corporate Broker Sunila de Silva	+44 207 220 0500
Tennyson Securities
Joint Corporate Broker Peter Krens	+44 207 186 9030
Tancredi Intelligent Communication UK & Europe Media Relations
Salamander Davoudi Emma Valgimigli Fabio Galloni-Roversi Monaco Nasser Al-Sayed	argoblock@tancredigroup.com

About Argo:

Argo Blockchain plc is a dual-listed (LSE: ARB; NASDAQ: ARBK) blockchain technology company focused on large-scale cryptocurrency mining. With mining facilities in Quebec, mining operations in Texas, and offices in the US, Canada, and the UK, Argo's global, sustainable operations are predominantly powered by renewable energy. In 2021, Argo became the first climate positive cryptocurrency mining company, and a signatory to the Crypto Climate Accord. Argo also participates in several Web 3.0, DeFi and GameFi projects through its Argo Labs division, further contributing to its business operations, as well as the development of the cryptocurrency markets. For more information, visit www.argoblockchain.com.

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.

SOURCE: Argo Blockchain PLC

View source version on accesswire.com:
https://www.accesswire.com/733538/Argo-Blockchain-PLC-Announces-Closing-of-Transactions--Galaxy-Digital-Holdings

FAQ

What transactions did Argo Blockchain complete with Galaxy Digital Holdings?

Argo Blockchain sold its Helios facility in Texas for $65 million and refinanced its asset-backed loans while establishing a hosting agreement with Galaxy.

How much did Argo Blockchain receive from the sale of the Helios facility?

Argo Blockchain received $65 million from the sale of the Helios facility.

What is the significance of Argo's hosting agreement with Galaxy?

The hosting agreement ensures that Argo's mining machines will remain operational at the Helios facility, supporting ongoing mining activities.

When was the transaction with Galaxy Digital Holdings announced?

The transaction with Galaxy Digital Holdings was announced on December 28, 2022.

What are the stock symbols for Argo Blockchain?

The stock symbols for Argo Blockchain are LSE:ARB and NASDAQ:ARBK.