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Update- Proposed Partnership with Hive Blockchain

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RNS Number : 8812K
Argo Blockchain PLC
03 September 2019
 

PRESS RELEASE

3 September 2019

 

Argo Blockchain PLC

('Argo' or 'the Company')

Update on Proposed Partnership with Hive Blockchain

 

Further to the announcement of 13 May 2019, the Company announces that it has by mutual agreement ended discussions concerning a proposed partnership and share swap with Hive Blockchain Technologies Ltd (Hive). 

Since conditional heads of terms were signed for this collaboration, Argo has implemented an approximately $16 million investment programme to more than double its in-house mining infrastructure to 505 peta-hash by the end of this year. A further major increase in production capacity is also underway for 2020 to establish Argo as the largest publicly-quoted cryptominer globally, as announced on 20 August.

As a result, Argo's board believes that the Company has now established a strong platform with scale to deliver long term growth organically, and that shareholders' interests would be best served by executing its current plans instead of pursuing a partnership transaction involving a dilution of equity at this time.                  

Mike Edwards, chairman and co-founder of Argo, said: "We established a great rapport with the Hive team over the past several months but both companies have agreed to pursue the many opportunities now opening up in the industry separately. We wish them well for the future."     

 

For further information please contact:

Argo Blockchain

 

Mike Edwards

President & Executive Director

 

Neil Thapar

Financial Communications Adviser

via Tancredi +44 203 434 2334

 

 

+44 (0) 7876 455323

Mirabaud

 

Corporate Broker

Peter Krens

+44 203 167 7221

Tancredi Intelligent Communication

Media Relations

 

Salamander Davoudi

[email protected]

    

Emma Valgimigli

[email protected]

+44 7957 549 906

 

 

+44 7727 180 873

 

 

About Argo:

Argo Blockchain plc is a global data centre business that provides a purpose-built and flexible platform for mining of leading cryptocurrencies for the enterprise-scale and institutional sectors worldwide from operational centres in Canada. 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.

www.argomining.co

 

 

See Argo's largest facility in Quebec:

https://youtu.be/LDWWaZ75Zbk

 


This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact [email protected] or visit www.rns.com.
 
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Argo Blockchain's Bixby details partnership with leading crypto-miner HIVE

Argo Blockchain PLC's (LON:ARB) chairman Jonathan Bixby discusses a share swap deal that's been struck with a headline value of £5.1mln with a company called HIVE Blockchain. HIVE is a business-to-business mining service provider aimed at large-scale enterprise and institutional...

on 13/5/19