LONDON – In a strategic move to bolster its finances, Argo Blockchain PLC has successfully raised £7.8 million (approximately $9.9 million) from institutional investors. This fresh capital infusion comes through the issuance of new ordinary shares, which are slated to join the Main Market of the London Stock Exchange on January 11, 2024.
The newly raised funds are earmarked for a variety of corporate objectives. Specifically, Argo Blockchain intends to allocate the proceeds towards enhancing its working capital, reducing outstanding debts, and supporting other corporate endeavors. With the admission of the new shares to the market, the company’s total share count will rise to 577,001,363.
Argo Blockchain, known for its commitment to environmental sustainability, is a participant in the Crypto Climate Accord. The company maintains its eco-friendly approach by continuing to power its cryptocurrency mining operations with renewable energy sources.
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This story originally appeared on Investing
