Argo Blockchain Raises £5.7m Through the Sale of New Shares to Pay the Debt

The post Argo Blockchain Raises £5.7m Through the Sale of New Shares to Pay the Debt appeared first on Coinpedia Fintech News

Cryptocurrency miner, Argo Blockchain, has raised $7.5 million through the sale of new shares to pay down its tremendous debt. This was made up of a private placement, which raised £5.134 million, and a public sale, which raised £616,000. The number of shares sold represents around 12% of the company’s pre-sale market cap, priced at a discount of around 14% to the 30-day volume-weighted average price of Argo stock. Argo reported a net loss of £194.2 million in April, compared with a net income of £30.8 million in the last year, due to the decline in the value of bitcoin.