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Crypto Miner Argo Blockchain Raises $7.5M in Share Sale

Cryptocurrency miner Argo Blockchain (ARB) has raised 5.7 million British pounds ($7.5 million) through the sale of new shares. The sale comprised a private placing that raised 5.134 million pounds and a public sale that raised 616,000 pounds, the London Stock Exchange-traded company said Wednesday. The number of shares sold represent about 12% of the company's pre-sale market cap at price of 10 pence per share, a discount of around 14% to the 30-day volume weighted average price (VWAP) of Argo stock. Argo avoided the fate of bankruptcy that befell some of its peers by agreeing to sell its Helios mining facility. ARB shares were down more than 20% at 10.74 pence at the time of writing.


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