Crypto mining company Argo Blockchain saw a 16% surge in its shares following the announcement of a funding deal for up to $40 million in senior secured convertible loans. The company aims to use the funding to upgrade its Bitcoin mining fleet in Quebec, Canada, improve its balance sheet, and explore mergers and acquisitions opportunities. The loans will come with an 8% interest rate and a 25% conversion premium, and the funding is supported by up to three multinational institutional investors who will receive three board seats once the agreement is finalized and approved by shareholders. Argo Blockchain's chairman believes this funding will contribute to the company's profitable growth.



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