{"id":432568,"date":"2021-02-10T06:23:08","date_gmt":"2021-02-10T11:23:08","guid":{"rendered":"http:\/\/www.marketnewsdesk.com\/?p=432568"},"modified":"2021-02-10T06:23:08","modified_gmt":"2021-02-10T11:23:08","slug":"global-cryptocurrency-miner-argo-blockchain-enters-into-loi-to-build-200-mw-mining-facility-in-texas","status":"publish","type":"post","link":"https:\/\/www.marketnewsdesk.com\/index.php\/global-cryptocurrency-miner-argo-blockchain-enters-into-loi-to-build-200-mw-mining-facility-in-texas\/","title":{"rendered":"Global cryptocurrency miner Argo Blockchain enters into LOI to Build 200 MW Mining Facility in Texas"},"content":{"rendered":"

<\/p>\n

Global cryptocurrency miner Argo Blockchain enters into LOI to Build 200 MW Mining Facility in Texas<\/b><\/p>\n

Secures access to low power rates, renewable energy sources<\/i><\/p>\n

LONDON–(BUSINESS WIRE<\/a>)–
\nGlobal cryptocurrency mining company Argo Blockchain (LSE: ARB) (OTCQB: ARBKF) today announced that it has entered into a Letter of Intent (LOI) with DPN LLC of New York, initiating the acquisition of 320 acres of land in West Texas, USA, with access to 800-megawatts of electrical power where Argo intends to build a new 200mw mining facility in the next 12 months.\n<\/p>\n

\nWhen completed, the facility will provide Argo with electricity at some of the lowest rates in the world, with the majority of its power coming from renewable sources.\n<\/p>\n

\n\u201cWe are incredibly excited about this agreement,\u201d said Argo Blockchain CEO Peter Wall. \u201cIt gives Argo tremendous control over our mining operations, as well as significant capacity for expansion. In addition, we have been able to secure access to some of the cheapest renewable energy worldwide in a location where innovation in new technologies is encouraged and incentivised.\u201d\n<\/p>\n

\nOnce finalized, the overall price of the acquisition will be $17.5 million to be satisfied by the issue and allotment to DPN LLC of new ordinary shares in Argo. Upon completion of the definitive agreement, $5 million worth of new ordinary shares will be issued to DPN LLC. The balance of $12.5 million will be made as milestones related to the project are fulfilled.\n<\/p>\n

\nIn addition, Argo will gain access to a pre-negotiated $100 million credit facility at competitive rates, providing the company with sufficient debt capital to build out the facility and further expand its mining fleet to upscale the company\u2019s operations and capacity.\n<\/p>\n

\nIn connection with the proposed acquisition, Argo plans to issue a circular to shareholders to convene a general meeting where they will be asked to approve the allotment and issue of both the new shares to be issued to DPN LLC as well as the issue of further new shares to raise equity to fund the down payment (or deposit) on the credit facility.\n<\/p>\n

\nXMS Capital Partners LLC acted as a financial advisor to Argo Blockchain in connection with the transaction.\n<\/p>\n

About Argo:<\/b><\/p>\n

\nArgo Blockchain plc is a global leader in cryptocurrency mining with one of the largest and most efficient operations powered by clean energy. The Company is headquartered in London, UK and its shares are listed on the Main Market of the London Stock Exchange under the ticker: ARB and on the OTCQB Venture Market in the United States under the ticker ARBKF.\n<\/p>\n

argoblockchain.com<\/a><\/p>\n

\nSee Argo’s largest facility in Quebec:
\n
https:\/\/youtu.be\/LDWWaZ75Zbk<\/a><\/p>\n

\"\"<\/p>\n

View source version on businesswire.com: <\/span>https:\/\/www.businesswire.com\/news\/home\/20210210005451\/en\/<\/a><\/span><\/p>\n

North America<\/b>
<\/span>Wachsman
\n
<\/b>argo@wachsman.com
\n<\/a>
Tel: +1-212-835-2511\n<\/p>\n

Europe
\n
Salamander Davoudi
\n<\/b>
salamander@tancredigroup.com
\n<\/a>
Tel: +44 7957 549 906\n<\/p>\n

Emma Valgimigli
\n<\/b>
emma@tancredigroup.com
\n<\/a>
Tel: +44 7727 180 873\n<\/p>\n

KEYWORDS:<\/b> Texas Europe United States United Kingdom North America<\/p>\n

INDUSTRY KEYWORDS:<\/b> Professional Services Data Management Utilities Technology Other Technology Energy Finance<\/p>\n

MEDIA:<\/b><\/p>\n\n","protected":false},"excerpt":{"rendered":"

Global cryptocurrency miner Argo Blockchain enters into LOI to Build 200 MW Mining Facility in Texas Secures access to low power rates, renewable energy sources LONDON–(BUSINESS WIRE)– Global cryptocurrency mining company Argo Blockchain (LSE: ARB) (OTCQB: ARBKF) today announced that it has entered into a Letter of Intent (LOI) with DPN LLC of New York, initiating the acquisition of 320 acres of land in West Texas, USA, with access to 800-megawatts of electrical power where Argo intends to build a new 200mw mining facility in the next 12 months. When completed, the facility will provide Argo with electricity at some of the lowest rates in the world, with the majority of its power coming from renewable sources. \u201cWe are incredibly … <\/p>\n

Continue reading “Global cryptocurrency miner Argo Blockchain enters into LOI to Build 200 MW Mining Facility in Texas”<\/span><\/a><\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-432568","post","type-post","status-publish","format-standard","hentry"],"yoast_head":"\nGlobal cryptocurrency miner Argo Blockchain enters into LOI to Build 200 MW Mining Facility in Texas - Market Newsdesk<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.marketnewsdesk.com\/index.php\/global-cryptocurrency-miner-argo-blockchain-enters-into-loi-to-build-200-mw-mining-facility-in-texas\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Global cryptocurrency miner Argo Blockchain enters into LOI to Build 200 MW Mining Facility in Texas - Market Newsdesk\" \/>\n<meta property=\"og:description\" content=\"Global cryptocurrency miner Argo Blockchain enters into LOI to Build 200 MW Mining Facility in Texas Secures access to low power rates, renewable energy sources LONDON–(BUSINESS WIRE)– Global cryptocurrency mining company Argo Blockchain (LSE: ARB) (OTCQB: ARBKF) today announced that it has entered into a Letter of Intent (LOI) with DPN LLC of New York, initiating the acquisition of 320 acres of land in West Texas, USA, with access to 800-megawatts of electrical power where Argo intends to build a new 200mw mining facility in the next 12 months. When completed, the facility will provide Argo with electricity at some of the lowest rates in the world, with the majority of its power coming from renewable sources. \u201cWe are incredibly … Continue reading "Global cryptocurrency miner Argo Blockchain enters into LOI to Build 200 MW Mining Facility in Texas"\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.marketnewsdesk.com\/index.php\/global-cryptocurrency-miner-argo-blockchain-enters-into-loi-to-build-200-mw-mining-facility-in-texas\/\" \/>\n<meta property=\"og:site_name\" content=\"Market Newsdesk\" \/>\n<meta property=\"article:published_time\" content=\"2021-02-10T11:23:08+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/cts.businesswire.com\/ct\/CT?id=bwnews&sty=20210210005451r1&sid=flmnd&distro=nx&lang=en\" \/>\n<meta name=\"author\" content=\"Newsdesk\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Newsdesk\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/global-cryptocurrency-miner-argo-blockchain-enters-into-loi-to-build-200-mw-mining-facility-in-texas\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/global-cryptocurrency-miner-argo-blockchain-enters-into-loi-to-build-200-mw-mining-facility-in-texas\\\/\"},\"author\":{\"name\":\"Newsdesk\",\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/#\\\/schema\\\/person\\\/482f27a394d4fda80ecb5499e519d979\"},\"headline\":\"Global cryptocurrency miner Argo Blockchain enters into LOI to Build 200 MW Mining Facility in Texas\",\"datePublished\":\"2021-02-10T11:23:08+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/global-cryptocurrency-miner-argo-blockchain-enters-into-loi-to-build-200-mw-mining-facility-in-texas\\\/\"},\"wordCount\":507,\"image\":{\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/global-cryptocurrency-miner-argo-blockchain-enters-into-loi-to-build-200-mw-mining-facility-in-texas\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/cts.businesswire.com\\\/ct\\\/CT?id=bwnews&sty=20210210005451r1&sid=flmnd&distro=nx&lang=en\",\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/global-cryptocurrency-miner-argo-blockchain-enters-into-loi-to-build-200-mw-mining-facility-in-texas\\\/\",\"url\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/global-cryptocurrency-miner-argo-blockchain-enters-into-loi-to-build-200-mw-mining-facility-in-texas\\\/\",\"name\":\"Global cryptocurrency miner Argo Blockchain enters into LOI to Build 200 MW Mining Facility in Texas - 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