Cryptocurrency mining company Argo Blockchain plc (LON:ARB) today announced that it has raised gross proceeds of £4.2 million through a subscription for its ordinary shares by an institution.

The company will issue 76,900,000 Ordinary Shares at a purchase price of 5.5 pence per Ordinary Share.

The net proceeds from the Subscription will support Argo’s strategic plans and working capital needs. These funds will help drive the potential relocation or sale of mining equipment currently at the Helios facility in Texas, while allowing the company to maintain its Bitcoin (“BTC”) mining operations in Quebec.

Additionally, the funds will support previously announced efforts to explore diversification into high-performance computing (“HPC”).

Argo’s Chief Executive Officer, Thomas Chippas, commented:

“This subscription strengthens our balance sheet, moving Argo closer to execution of the HPC opportunity at Baie-Comeau and Helios fleet movement, as described in the Company’s Q3 2024 Results Announcement released on 20 November 2024.”