Argo Blockchain sells Helios to Galaxy for $65 Million (£54 Million).
Argo maintains ownership of all mining machines and will host machines at Helios.
Reduces debt by $41 Million (£34 Million) and improves liquidity position.
Followed by an equity purchase agreement, an Argo subsidiary will sell its Helios facility and real property in Dickens County, Texas and related assets to Galaxy for $65 million (£54 million), subject to customary post-closing adjustments. In addition, Galaxy will provide Argo with a new asset-backed loan in an aggregate principal amount of $35 million (£29 million) with an initial term of 36 months.
It must be noted that this financing will be secured by a collateral package that includes 23,619 Bitmain S19J Pro mining machines currently operating at Helios and certain machines located at Argo’s Canadian data centers. Argo has also committed to working with Galaxy to ensure a smooth transition at Helios and minimize any disruption to operations.
The Offic
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