Fladgate LLP is pleased to have advised Argo Blockchain Plc (Argo), a provider of crypto-mining services, on its admission to the standard segment of the Official List and to trading on the London Stock Exchange’s Main Market. Argo raised £25m under a placing concurrent with admission and had a market capitalisation on admission of approximately £47m. Argo is the first crypto-mining company to join the London stock market.
The net proceeds of the placing will be used to fund the expansion of Argo’s services which allow users to mine selected cryptocurrencies such as Bitcoin Gold, Ethereum and Zcash.
Jonathan Bixby, executive chairman at Argo, commented: “Argo’s admission to the London Main Market is a major step in the Company’s development and will put us in a strong position to execute our long-term growth strategy. We are grateful to David and his team for their hard work and valued advice and support. We enjoyed working with them and were all very impressed by their diligence in helping us to conclude this transaction”.
Fladgate corporate partner David Robinson commented: “We are delighted to have advised Argo on its Main Market listing. As the first crypto-mining company to be listed on the London Stock Exchange, the transaction presented novel challenges. Our role was to work with the directors to ensure that the deal was implemented as efficiently and quickly as possible to enable Argo to concentrate on its future operations and growth”.
The Fladgate team was led by corporate partner David Robinson, assisted by corporate partner Paul Airley and corporate associate David Lee, with specialist advice from Hamilton Forrest (tax), Ben Milloy and Michelle Waknine (commercial), and Charles Proctor and Katherine Foweather (financial regulatory).