RNS - Result of Placing19 Jul 2023 07:04
Argo Blockchain PLC, a global leader in cryptocurrency mining (LSE: ARB; NASDAQ: ARBK), announces the successful pricing of the non-pre-emptive placing of new ordinary shares of £0.001 each in the capital of the Company ("Ordinary Shares") following yesterday's announcement (the "Placing").
A total of 51,340,000 new Ordinary Shares (the "Placing Shares") have been placed with institutional investors by Tennyson Securities (a trading name of Shard Capital Partners LLP) ("Tennyson) at the previously announced price of 10 pence per Placing Share (the "Placing Price") raising gross proceeds of approximately £5.134 million.
Concurrently with the Placing, retail investors have subscribed in the separate offer made by the Company via the PrimaryBid platform for a total of 6,160,000 new Ordinary Shares (the "Retail Offer Shares") at the Placing Price (the "Retail Offer") raising gross proceeds of approximately £616,000.
Together, the Placing and Retail Offer (together, the "Capital Raise") was oversubscribed by both new and existing shareholders, and the Capital Raise in aggregate comprised 57,500,000 new Ordinary Shares, and will raise gross proceeds of approximately £5.75 million. The Placing Price represents a discount of approximately 14 per cent. to the 30 trading day VWAP of the Company's existing ordinary shares for the period ended on 18 July 2023, and a discount of 25.92 per cent. to the closing mid-price of the Company's ordinary shares on 18 July 2023. The Placing Shares and the Retail Offer Shares (together, the "New Ordinary Shares") being issued together represent approximately 12.03 per cent. of the existing issued ordinary share capital of the Company prior to the Placing and Retail Offer.
Applications have been made to the Financial Conduct Authority (the "FCA") and London Stock Exchange plc (the "LSE") respectively for the admission of the New Ordinary Shares to the standard listing segment of the Official List of the FCA and to trading on the main market for listed securities of the LSE (together, "Admission"). It is expected that Admission will become effective on or before 8.00 a.m. on 24 July 2023. The Placing and the Retail Offer are conditional upon, amongst other things, Admission becoming effective and upon the placing agreement between Tennyson and the Company not being terminated in accordance with its terms.
The New Ordinary Shares will, when issued, be credited as fully paid and will rank pari passu in all respects with each other and with the existing Ordinary Shares, including, without limitation, the right to receive all dividends and other distributions declared, made or paid after the date of issue.
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