Argo Blockchain PLC (LSE:ARB, OTCQX:ARBKF, NASDAQ:ARBK, ETR:0XP) subsidiary Argo Helios has arranged US$70.6mln of additional loans to buy digital equipment for its new bitcoin mining facility in Dickens County, Texas.
NYDIG ABL, part of New York Digital Investment Group, is lending Argo the money, which carries a rate of interest at 12% and is secured against the equipment bought with repayments to start from May 2024.
Argo originally borrowed US$26.7mln from NYDIG in March 2022 through a four-year loan.
Peter Wall, Argo’s chief executive, said: "We are delighted to secure this additional non-dilutive funding, which will enable us to continue fitting out phase 1 of our Helios site.
“NYDIG understands the financial requirements of large-scale bitcoin miners."