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Argo raises £22.4 million via placing to fund expansion
StockMarketWire.com
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Cryptocurrency miner Argo detailed plans to raise £22.4 million through the placing of 28 million shares.
The net proceeds of the private placement would be used by the company for working capital and general corporate purposes, including the expansion of the company's mining capacity in the first quarter and second quarter of 2021 through a purchase from two leading manufacturers.
This new mining hardware expansion is expected to be installed in batches at Core Scientific's facilities in the United States between February to June, and was scheduled to be fully operational by June 2021.
'This expansion will add approximately 610 petahash to the company's installed computing power, bringing it to a total of 1,685 petahash or 1,68 Exahash by the end of Q2 2021,' the company said.
At 9:54am: (LON:ARGO) Argo Group Ltd share price was 0p at 18.5p
Story provided by StockMarketWire.com
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