Argo Blockchain (ARB), a cryptocurrency miner, has raised 5.7 million British pounds ($7.5 million) through the issuance of fresh shares.
The transaction included a private placement worth 5.134 million pounds and a public offering of 616,000 pounds, according to the London Stock Exchange-listed business.
The proceeds will be used to pay down the company’s debt. Argo stated that company owed 59.1 million pounds prior to the transaction.
At a price of 10 pence per share, the number of shares sold represents approximately 12% of the company’s pre-sale market cap, representing a discount of around 14% to the 30-day volume weighted average price (VWAP) of Argo stock.
