Argo Blockchain PLC says £24mln strategic fundraise cancelled

Argo Blockchain PLC (LSE:ARB, OTCQX:ARBKF, NASDAQ:ARBK, ETR:0XP) has said that following the signing of a non-binding letter of intent with a strategic investor to raise £24mln announced in October, the cryptocurrency miner “no longer believes that this subscription will be consummated under the previously announced terms”.

The AIM-quoted company noted that it is continuing to explore other financial opportunities, while also taking steps to “further maximise liquidity and preserve cash”.

It noted that approximately £4.8mln (US$5.5mln) was raised through the sale of 3,843 new-in-box Bitmain S19J Pro machines, being the last batch of the original Bitmain order scheduled for installation in October 2022.

As a result, the company said its total hashrate capacity remains at 2.5 EH/s.

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