Form 6-K - Report of foreign issuer [Rules 13a-16 and 15d-16]
August 12 2024 - 5:31AM
Edgar (US Regulatory)
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
_____________________
FORM 6-K
_____________________
REPORT OF FOREIGN PRIVATE ISSUER
PURSUANT TO RULE 13a-16 OR 15d-16
UNDER THE SECURITIES EXCHANGE ACT OF 1934
For the month of August, 2024
Commission File Number: 001-40816
_____________________
Argo Blockchain plc
(Translation of registrant’s name into English)
_____________________
Eastcastle House
27/28 Eastcastle Street
London W1W 8DH
England
(Address of principal executive office)
_____________________
Indicate
by check mark whether the registrant files or will file annual
reports under cover of Form 20-F or Form 40-F.
Form
20-F ☒
Form
40-F ☐
Indicate
by check mark if the registrant is submitting the Form 6-K in paper
as permitted by Regulation S-T Rule 101(b)(1): ☐
Indicate
by check mark if the registrant is submitting the Form 6-K in paper
as permitted by Regulation S-T Rule 101(b)(7): ☐
EXHIBIT INDEX
|
Exhibit
No.
1
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Description
Statement
re Loan Repayment dated 12 August 2024
|
Press
release
12
August 2024
Argo Blockchain plc
("Argo" or "the
Company")
Full Repayment of $35 Million Galaxy Loan
Argo
Blockchain plc, a global leader in cryptocurrency mining (LSE: ARB;
NASDAQ: ARBK), is pleased to announce that it has fully repaid the
remaining balance of the original loan extended by Galaxy Digital
Holdings, Ltd. ("Galaxy") (TSX: GLXY) on 28 December 2022.
Repayments of the $35 million loan began in May 2023. The
loan balance as at June 30, 2024 was approximately $5.7
million.
This
Galaxy debt was repaid over four months ahead of the
current schedule, and nearly 18 months ahead of the original
repayment schedule. The early repayment reflects the Company's
focus on strengthening its balance sheet and reducing its financial
liabilities. Principal repaid in 2023 was $11.5 million, and the
remaining $23.5 million was repaid in 2024. For comparison
purposes, interest expense on the Galaxy debt in 2023 was $4.6
million, compared to $1.4 million through the repayment date of
August 9, 2024.
Management Commentary
Argo's
Chief Executive Officer, Thomas Chippas, said, "Repaying the Galaxy
loan is a significant milestone for Argo. Repayment was made
possible by using cash flow generated from operations, cash
generated from equity raises, and cash generated through the sale
of non-core assets without any meaningful impact to Argo's hash
rate. Successfully repaying $35 million of high-interest rate
debt ahead of schedule is a testament to Argo's financial
discipline. We remain committed to optimising our capital
structure and driving long-term value for our
shareholders."
This
announcement contains inside information.
For
further information please contact:
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Argo Blockchain
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|
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Investor Relations
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ir@argoblockchain.com
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Tennyson Securities
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|
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Corporate
Broker
Peter Krens
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+44 207 186 9030
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Fortified Securities
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|
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Joint
Broker
Guy Wheatley, CFA
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+44 74930989014
guy.wheatley@fortifiedsecurities.com
|
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Tancredi Intelligent Communication
UK &
Europe Media Relations
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argoblock@tancredigroup.com
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About Argo:
Argo
Blockchain plc is a dual-listed (LSE: ARB; NASDAQ: ARBK)
blockchain technology company focused on large-scale cryptocurrency
mining. With mining operations in Quebec and Texas, and
offices in the US, Canada, and the UK, Argo's global,
sustainable operations are predominantly powered by renewable
energy. In 2021, Argo became the first climate positive
cryptocurrency mining company, and a signatory to the Crypto
Climate Accord. For more information, visit www.argoblockchain.com.
SIGNATURES
Pursuant to the
requirements of the Securities Exchange Act of 1934, the registrant
has duly caused this report to be signed on its behalf by the
undersigned, thereunto duly authorized.
|
Date:
12 August,2024
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ARGO BLOCKCHAIN PLC
By:
/s/ Jim
MacCallum
Name:
Jim MacCallum
Title:
Chief Financial Officer
|
Argo Blockchain (NASDAQ:ARBK)
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