Fladgate has advised leading UK cryptocurrency miner, Argo Blockchain Plc (Argo), on its £22.4million private placing to US institutional investors led by New York investment bank H.C. Wainwright & Co. The proceeds of the placing will be used to fund the expansion of the Company's mining capacity in the US through a purchase of mining hardware from two leading manufacturers which is scheduled to be fully operational by June 2021.
Partner Paul Airley, who led the Fladgate team on this financing, comments: “We are delighted to have advised Argo on its successful equity financing, through which the company has deepened its institutional shareholder base and expanded its coverage in North America. The size of the financing and the speed with which it was completed indicate the tremendous investor interest in Argo and its strategy of building a sustainable, efficient and powerful network of mining operations.”
Argo is admitted to the Standard segment of the Official List and is traded on the Main Market of the London Stock Exchange, and is the only London-listed cryptocurrency mining company. Fladgate’s capital markets and financial services regulatory team advised on Argo’s Standard listing and £25 million financing in August 2018.
The Fladgate team comprised Paul Airley, David Robinson and Orit Rioumine Gold.