Argo Blockchain stocks increased by 16% after the company signed a non-negotiable term sheet of up to $ 40 million in senior safe convertible loans.
Argo Blockchain stocks increased by more than 15% after acquiring funding deal of up to $ 40 million in senior safe convertible loans.
In March 3 Press releaseThe company revealed that it had signed a non-negotiable term sheet on 25 February, with an early $ 15 million installment and more than $ 25 million in 18 months. With funding, Argo blockchain wants to upgrade its bitcoin mining fleet to Canada, enhances its balance sheet, and detects merger and acquisition opportunities.
Before signing the loan, Argo Blockchain will have an 8% interest rate and 25% conversion premium based on share price. Investors will also receive equal warrants equal to 30% of the loan amount at the premium price, it is written in the press release. Although it is not clear who supported the funding, the Crypto mining giant says the deal is supported by “three multinational institutional investors”. They will get three board seats after finalizing the agreement and approved by shareholders.
“Finance is expected to be funded by three multinational institutional investors and will include 30% warrant coverage, also a premium for the closing price. The investor group will have three seats on the board on completion of fixed documents and shareholder approval. ,
Arogo blockchain
Commenting on funding, Matt Shaw, president of Argo Blockchain, says the deal “will allow a profitable growth in Argo and strengthen our balance sheet.” After the announcement, according to Yahoo Finance data, the company’s shares rose 16% to $ 0.45 in pre-market trading.
