The proceeds will be used to continue the build-out of the West Texas data centre and to meet the firm’s operating cash flow requirements
(, , ) announced it secured an £18.05mln loan agreement with () LP, using a portion of its Bitcoin holding as collateral.
The loan has a maturity date of 29 October 2021.
The cryptocurrency miner’s outstanding loan with () amounts to £14mln and will be rolled into the new loan agreement, resulting in a total of £32.05mln.
The proceeds will be used, alongside the funds raised by the company previously, to continue the build-out of the West Texas data centre and to meet the firm’s operating cash flow requirements.
The loan will allow Argo to keep its current Bitcoin holding while expanding its mining operations, the company said.
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