Bitcoin mining company Argo Blockchain raises about $5.32 million through stock subscription

According to Coinspeaker, Bitcoin mining company Argo Blockchain has raised £4.2 million (approximately $5.32 million) through a share subscription, issuing about 76.9 million new ordinary shares at a price of 5.5 pence per share. The share subscription was conducted using the cash box mechanism. This innovative financing structure allows the company to efficiently issue shares without further shareholder approval. After this transaction, the total number of shares issued by Argo now exceeds 717 million.

An institutional investor who did not disclose their identity acquired shares worth £4.2 million to support the company's operations and future plans. According to the announcement, net proceeds from the transaction will be used for key initiatives which include relocating or selling mining equipment located at its Helios factory in Texas.The mining firm is considering moving its 125,000 square foot mining facility in Dickens County elsewhere after operating there for two years.Argo stated that it remains committed to maintaining its Bitcoin mining business in Quebec and funds raised will also support diversification into high-performance computing (HPC).