Argo, a UK-based provider of cryptomining services, is pleased to announce that its ordinary shares of £0.001 each (Ordinary Shares) have been admitted to the standard segment of the Official List and to trading on the Main Market of the London Stock Exchange, following a successful placing of Ordinary Shares to raise £25m before expenses for the Company.
First dealings in the Ordinary Shares are due to commence at 8am today under the ticker symbol ARB, making Argo the first cryptomining services provider to join the London stock market.
A total of 156,250,000 ordinary shares (representing 53.2% of the Company’s issued share capital on Admission) were placed at 16 pence per share, valuing Argo at a market capitalisation of £47 million. The Placing was significantly over-subscribed.
On admission, the Company will have 293,750,000 ordinary shares in issue.
Mirabaud Securities Ltd acted as the sole bookrunner and stock broker to the Company.
The purpose of the flotation is to raise the public profile and provide new funds for the Company’s expansion and long-term growth.
Commenting on Argo’s flotation, Jonathan Bixby, Executive Chairman, said:
“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 delighted with the strong response from investors which will enable us to grow our business in multiple jurisdictions.”
Published on Jun 21, 2018
Argo was established in December 2017 to develop a global datacentre management business facilitating cryptocurrency Mining as a Service (MaaS) to be available at scale to anyone, anywhere in the world.
The service went live on 11 June 2018 and initially covers four cryptocurrencies, being Bitcoin Gold, Ethereum, Ethereum Classic and Zcash. These cryptocurrencies had a total market capitalisation of over $51bn as at July 26th 2018. The Company may, in future, add or remove cryptocurrencies from its service offerings.
The Directors believe that there is significant pent-up demand for a user-friendly and cost-effective MaaS that enables users to procure mining services without the up-front capital commitment to purchase hardware or the necessary technical skills to operate a home mining farm.
Argo’s system allows the user to configure and manage the cryptocurrency they wish to mine, which mining pool they wish to contribute to and how they would like to store the generated coins. The Company does not intend to offer any form of cryptocurrency custody service, and therefore the user will be responsible for the storage and security of their cryptocurrency.
The Company’s prospectus published in connection with its listing is available on the Company’s website at www.argoblockchain.com/prospectus and on the National Storage Mechanism.
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