Mining company Argo Blockchain has secured a $40 million convertible loan financing, which will be used to upgrade mining equipment and more

ChainCatcher news, according to a statement from Argo Blockchain, Argo signed a non-binding term sheet on February 25, 2025, planning to secure up to $40 million in senior secured convertible loan financing. The initial financing amount is $15 million, with subsequent financing potentially reaching up to $25 million over the next 18 months.

The financing will be used to upgrade Argo's mining equipment in Baie Comeau, enhance the balance sheet, and evaluate a range of acquisition opportunities. The loan will be structured as a non-amortizing loan with an interest rate of approximately 8%, and it includes a conversion right at a 25% premium to the closing price on the day before the final agreement is signed.