Bitcoin miner Argo Blockchain has announced the private placement of its common shares and accompanying warrants to an institutional investor. The transaction is expected to generate a total gain of approximately 6.50 million pounds (8.30 million dollars). According to the announcement, Argo Blockchain will issue 57.80 million ordinary shares at a purchase price of £0.1125 per share and issue warrants to purchase an additional 57.80 million shares. Argo disclosed that the exercise price of the warrants is set at £0.1125 per share and the exercise period is five years. The offering price is above the 30-day, 60-day and 90-day volume-weighted average price (VWAP) and 10% below the closing midpoint price on July 29, 2024. HC Wainwright & Co. acted as the exclusive placement agent for the private placement. Argo said the net proceeds from the placement will be used for Working Funds, general corporate purposes and debt repayment.