Press Release - 22/01/2021
Edwin Coe advises on £22.4m equity raise to help leading Official List cryptocurrency miner with its expansion strategy
Edwin Coe is delighted to announce that it has worked with new client, the long established US financial institution, H.C. Wainwright & Co., as placement agent in a private placement of Argo Blockchain PLC’s ordinary shares to institutional investors for gross proceeds of GBP £22.4 million. Argo will issue 28 million Ordinary Shares at a purchase price of GBP £0.80 per Ordinary Share.
H.C. Wainwright & Co. is a New York based financial services firm offering leading-edge investment banking, corporate finance, and strategic advisory services to public and private growth companies across multiple sectors and regions.
Argo Blockchain plc is headquartered in London, UK and is the only cryptocurrency mining company listed on the London Stock Exchange. Their energy-efficient, powerful mining operations are strategically located throughout North America. The income from the private placement will partly fund new mining hardware scheduled to be fully operational by June 2021. According to Argo, this expansion will add approximately 610 petahash to their installed computing power, bringing it to a total of 1,685 petahash, mainly focussed on mining Bitcoin.
The Edwin Coe team was led by Daniel Bellau, in his first completed deal as a Partner in our Corporate & Commercial team.
Daniel Bellau commented “I am delighted to have completed this first deal having joined Edwin Coe at the beginning of January 2021 but more particularly to have acted for such a highly reputable, successful and longstanding financial services firm in such an exciting and dynamic sector.”
Craig Schwabe, managing director at HC Wainwright said “We are proud of the work H.C. Wainwright & Co and Edwin Coe did on the capital raise for Argo Blockchain. With Daniel’s lead at Edwin Coe we were able to operate efficiently and deliver for our mutual client. We look forward to working with Daniel again in the near future.”
You can read Argo’s press release in full here
About Edwin Coe
Edwin Coe is a London-based full service law firm with international reach. Since 1913, we have offered a comprehensive range of integrated legal services to meet the needs of individuals, organisations and businesses based throughout the UK and internationally. Our industry-leading experts provide our clients with highly personal and responsive advice, balancing profit and purpose, to help achieve their personal and business goals.
With 39 Partners, we are ranked 115 in the current edition of The Lawyer’s ‘UK 200’ law firms and are recommended in all the major legal directories. We are proud to be B Corp™ certified, part of a global community of businesses working to redefine success in business, and create a more inclusive and sustainable economy.
