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Argo Blockchain information for $57.5 million providing of secured notes to fund Texas mining facility

11/09/2021

The corporate stated it intends to make use of the proceeds for development prices and rigs at its Texas crypto mining facility, anticipated to be operational in 2022.

United Kingdom-based crypto mining firm Argo Blockchain might be funding a part of the constructing and gear of its deliberate 800-megawatt information heart in West Texas by way of an providing of senior notes.

In keeping with a Monday submitting with the Securities and Trade Fee (SEC), Argo plans to supply $57.5 million value of 8.75% senior unsecured notes set to mature on Nov. 30, 2026. The corporate stated it intends to make use of the proceeds for rigs at its Texas crypto mining facility in addition to development prices.

Argo broke floor on the 200 MW crypto mining facility in July, reporting the positioning would give the corporate “entry to as much as 800 MW {of electrical} energy” for its future operations if it chooses to amass and develop all accessible land. Cointelegraph reported on Friday that the ability may value Argo wherever between $1.5 billion and $2 billion, with the land already estimated at $17.5 million.

The corporate secured two multimillion loans from Galaxy Digital in June and September utilizing its Bitcoin (BTC) as collateral to fund the positioning, which it plans to have up and working by mid-2022. CEO Peter Wall has cited Texas’ low-cost renewable vitality as a part of the rationale for the development of the information heart within the space, with the SEC submitting stating that Argo anticipated greater than 90% of its energy would come from ”dependable, renewable energy sources at a price under $0.02/kWh.”

Associated: Industrial Bitcoin mining breathes new life into tiny Texan city

Argo reported it had mined 167 BTC in October, and held 2,128 BTC — roughly $142 million — on its stability sheet as of Oct. 31. With the worth of Bitcoin just lately reaching an all-time excessive of greater than $68,000, HODLing extra of the crypto asset may show to be worthwhile for the mining agency.