SMALL-CAP WINNERS & LOSERS: Argo Blockchain up on USD65 million sale

Wed, 28th Dec 2022 09:37

(Alliance News) - The following stocks are the leading risers and fallers among London Main Market small-caps on Wednesday.

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SMALL-CAP - WINNERS

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Argo Blockchain, up more than double at 7.45 pence, 12-month range 2.00p - 101.00p. Enters into agreements under which an Argo subsidiary will sell its Helios facility in the US state of Texas to Galaxy Digitial Holdings Ltd for USD65 million. Additionally, Galaxy agrees to host Argo's cryptocurrency mining machines located at the Helois facility. Argo will maintain ownership of all mining machines. Says transactions will reduce total debt by USD41 million and also simplify Argo's operating structure.

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SMALL-CAP - LOSERS

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GSTechnologies Ltd, down 11% at 0.85 pence, 12-month range 0.47p - 2.84p. Enters into an unsecured convertible loan facility to receive funding of up to USD1.6 million. Says the proceeds from the facility will strengthen its cash position, providing visibility through to the final quarter of 2023. Proceeds will also be used to assist the development and rollout of GS Money and associated services.

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By Heather Rydings, Alliance News senior economics reporter

Comments and questions to newsroom@alliancenews.com

GSTechnologies