Argo Blockchain to Acquire GEM Mining Assets and Secure $10 Million Investment

An update from Argo Blockchain ( (GB:ARB) ) is now available.

Argo Blockchain has announced its entry into non-binding term sheets to acquire the assets of GEM Mining LLC and secure a $10 million investment, which includes a $7 million secured convertible note and a $3 million equity investment. This acquisition is expected to more than double Argo’s hashrate, enhance efficiencies, and increase Bitcoin production, while also providing growth capital. The transaction is seen as a significant step towards profitable growth and strengthening Argo’s capital structure, although it remains subject to shareholder approval and other conditions.

More about Argo Blockchain

Argo Blockchain plc is a dual-listed blockchain technology company focused on large-scale cryptocurrency mining. It operates a mining facility in Quebec and has offices in the US, Canada, and the UK. Argo is committed to sustainable operations powered predominantly by renewable energy and became the first climate-positive cryptocurrency mining company in 2021.

YTD Price Performance: -35.00%

Average Trading Volume: 55,746

Technical Sentiment Signal: Buy

Current Market Cap: $27.85M

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