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Argo Blockchain PLC - London-based cryptocurrency miner - Raises GBP5.1 million in placing of 51.3 million shares at 10 pence per share with institutional investors by Tennyson Securities. Retail investors subscribe through PrimaryBid platform for a further 6.2 million shares at the same price, adding GBP616,000. Total raise brings in around GBP5.8 million. The placing price represents a discount of 26% to Tuesday's closing price and 14% to the stock's 30-day average. The new shares are equal to about 12% of the company's total prior to the offer.
The raise, which was first announced after the London market close on Tuesday, is intended to reduce debt. Argo also says it is looking at growth opportunities, such as capturing the stranded or underutilized energy of power generators.
Current stock price: 10.70 pence, down 21%
12-month change: down 70%
By Will Neill, Alliance News reporter
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