Argo Blockchain (LSE:ARB) has provided an update on its proposed recapitalization strategy aimed at addressing short- and medium-term funding requirements. The plan includes ongoing discussions with Growler Mining for a senior secured loan, which could result in Growler acquiring a substantial stake in the company. Implementation of the recapitalization is contingent on court approval and shareholder consent, with potential consequences for existing equity and bondholders. Should the plan not proceed, Argo may explore alternative options, including possible insolvency proceedings.
About Argo Blockchain
Argo Blockchain plc is a dual-listed blockchain technology company specializing in large-scale cryptocurrency mining. Its operations include a mining facility in Quebec, along with offices in the US, Canada, and the UK. The company primarily uses renewable energy and became the first climate-positive cryptocurrency mining firm in 2021.
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