Need to be discussing sale5 Mar 2024 07:16
Additional Part not attached to the 2nd RNS on this site
Importantly, the Transaction enables the Company to delever the balance sheet with minimal impact to the Company's revenue. Following the Transaction, Argo will maintain ownership of all mining machines currently located at the Mirabel Facility. The Company is in the process of relocating the machines to its Baie Comeau facility and anticipates selling certain prior generation machines representing approximately 140 PH/s. Going forward, the Company's total hashrate capacity is expected to be 2.7 EH/s.
The Transaction has significant operational benefits for Argo. It allows the Company to streamline its operations by locating all self-mining machines at its Baie Comeau facility. Additionally, the Transaction reduces the Company's non-mining operating expenses by $0.7 million annually.
The Transaction is expected to close by the end of March 2024 upon the successful completion of customary closing conditions, including entry into a definitive share purchase agreement and certain regulatory approvals.