Cryptocurrency miner Argo Blockchain raised $7.5 million by selling new shares

ChainCatcher news, cryptocurrency miner Argo Blockchain (ARB) raised £5.7 million (approximately $7.5 million) through the sale of new shares.

The company, listed on the London Stock Exchange, stated on Wednesday that the sale included a private placement and a public offering, with the former raising £5.134 million and the latter raising £616,000. These funds will be used to reduce the company's outstanding debt. The number of shares sold represents about 12% of the company's pre-sale market value, priced at a discount of approximately 14% to Argo's 30-day volume-weighted average price (VWAP).

Previous report indicated that the London-based company reported a full-year net loss of £194.2 million, compared to a net income of £30.8 million the previous year, reflecting a significant decline in the value of Bitcoin (BTC) over the past 12 months, as mining companies across the industry struggle to survive.