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Argo Blockchain Raises £7.8 Million for Strategic Growth

Argo Blockchain secures £7.8 million from institutional investors to enhance operations and support sustainable crypto mining.
Published on 2024-01-08

Strategic Financial Move

Argo Blockchain PLC has successfully raised £7.8 million (approximately $9.9 million) from institutional investors. This strategic move aims to strengthen the company's financial standing. The capital was raised through the issuance of new ordinary shares, which will be listed on the Main Market of the London Stock Exchange on January 11, 2024.

Allocation of Funds

The newly acquired funds are designated for various corporate objectives. Argo Blockchain plans to use this capital to enhance its working capital, reduce outstanding debts, and support other corporate initiatives. The introduction of new shares will increase the company's total share count to 577,001,363.

Commitment to Sustainability

Argo Blockchain is recognized for its dedication to environmental sustainability. As a participant in the Crypto Climate Accord, the company ensures that its cryptocurrency mining operations are powered by renewable energy sources. This commitment to eco-friendly practices aligns with global efforts to reduce the environmental impact of crypto mining.

This strategic financial move not only aims to solidify Argo Blockchain’s market position but also reinforces its commitment to sustainable and responsible business practices. The capital infusion and continued focus on renewable energy highlight Argo's proactive approach to growth and environmental stewardship.

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