Argo Blockchain Finalizes Data Center Sale and Reduces Debt

Argo Blockchain Plc Adr (ARBK) has released an update.

Argo Blockchain plc successfully completed the sale of its Mirabel, Quebec data center for $6.1 million, significantly reducing its debt to Galaxy Digital Holdings by 63% to $12.8 million from the original $35.0 million. The proceeds also cleared the data center’s mortgage, with additional savings anticipated from operational consolidation in Quebec, expected to cut non-mining expenses by $0.7 million annually. In line with its strategic goals, the company issued new shares under its 2022 Equity Incentive Plan and maintains a total share capital of 577,616,315 ordinary shares post-transaction.

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