LONDON, UK: Argo Blockchain plc, a global chief in cryptocurrency mining (LSE: ARB) introduced that Argo Helios LLC, a wholly owned Delaware-registered subsidiary of Argo Blockchain plc, has entered into an equipment financing settlement with NYDIG ABL LLC, a wholly owned subsidiary of New York Digital Investment Group LLC.
As a half of the Financing Agreement, NYDIG has loaned Argo Helios an aggregate principal quantity of $26.66 million (£20.23 million) to recapitalize the acquisition of electrical infrastructure equipment for the Company’s flagship cryptocurrency mining facility, Helios, in Dickens County, Texas.
The Company anticipates having the ability to energise the 200MW Helios facility, and is nonetheless on track for facility completion, within the primary half of 2022.
The aggregate principal quantity excellent bears curiosity of 8.25% per annum and has a time period of 4 years. Outstanding borrowings under the Financing Agreement are secured by the Financed Equipment and the contracts to buy the Financed Equipment.
Peter Wall, Chief Executive of Argo, said: “We are delighted to safe this non-dilutive funding which will allow us to full a essential stage in our match out of our Helios site. NYDIG is one of many foremost bitcoin finance companies within the industry and we’re excited to leverage their knowledge and perception of the sector on this newly formed relationship”.
Josh Burandt, Head of Mining Services at NYDIG, said “The mission of our mining services enterprise is to assist safe the bitcoin community by supporting the expansion of the world’s main Bitcoin miners. In pursuit of that mission, we’re excited to partner with Argo and supply infrastructure financing for the launch of their state-of-the-art Texas facility.”
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