We would love to hear your thoughts about our site and services, please take our survey here.
This was their reply…..
Thank you for reaching out with your questions, and thank you for being a shareholder of Argo Blockchain.
Over the last several months, we have been very consistent in our messaging when it comes to our overall strategy - cut costs and strengthen the balance sheet. On cost cutting, we've reduced non-mining operating expenses by more than 70% compared to 2022. When it comes to strengthening the balance sheet, we've used a variety of tools to raise cash for debt reduction, including the sale of digital assets, equity raises, and the recently announced sale of the Mirabel facility (which has minimal impact to our revenue and operations).
Through these actions, we have been delivering on our consistently-stated strategy of reducing costs and strengthening the balance sheet. Again, thank you for being a shareholder and for contacting us with your concerns.
All the best,
The Argo Blockchain Team
now holding 25m shares. hopefully, things will start to progress after so much delay. let's hope the 'pilot processing plant will still perform well in terms of ability to extract and concentrate co**** gold' (from the rns 26th may 2021)!
From the Audited 2022 results RNS;
"We are confident that, subject to a successful refinancing, of which we remain confident but which cannot be guaranteed, our previously established growth trajectory and improvement in profitability can resume."
RNS Number : 7253B
Woodbois Limited
06 June 2023
6 June 2023
Woodbois Limited
("Woodbois", "the Company")
Debt Repayment Terms and Corporate Update
On 19 April 2023 the Company announced the unexpected termination of its c$6.0m line of credit with Sydbank A/S (the "Bank") and the subsequent offsetting by the Bank of c$3.1m of cash, being substantially all of the Company's cash balances.
The Company has now reached an agreement with the Bank under which the outstanding balance of c.$2.8m will be repaid by no later than 29 December 2023. The Company has undertaken to repay approximately $145k on each of 15 June and 30 June 2023. A further $145k is to be paid in the middle of each subsequent month with any additional lump sums being paid to ensure repayment of the total outstanding balance and interest by the final repayment date. There are also financial incentives in place if the Group settles the outstanding balance earlier in the year. Existing security arrangements, per the original loan facility agreement, will remain in place until the line of credit is fully settled.
Since the termination notice from the Bank, the Company has had to operate with an emphasis on cash realisation and limiting new liabilities. As of today, the Company's cash balance is approximately $0.4m, its other working capital is estimated at $5.1m and bank and other debt totalling $11.4m.
Following the termination notice, the Company continues to assess alternative funding sources and will update the market in due course once any such agreement has been reached. The Company is also working on the potential deferment of c.$1.5m of debts, which fall due at the end of June. Whilst the Directors are confident that the Company will obtain alternative funding in the coming weeks, should they fail to do so, the Company may be reliant on the deferment of these near-term creditors in order to continue to trade.
The Company expects to announce its annual results for the year to 31 December 2022 within the next week.
The Company also urges shareholders to vote in favour of all resolutions set out in the circular dated 26 May 2023, which are to be considered at the General Meeting to be held on 16 June 2023. The passing of these resolutions will provide the Company with important flexibility to issue ordinary shares quickly, if it is considered to be in the best interests of stakeholders.