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 commenced at 8am on August 3rd 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.”