<SEC-DOCUMENT>0001654954-25-003318.txt : 20250326
<SEC-HEADER>0001654954-25-003318.hdr.sgml : 20250326
<ACCEPTANCE-DATETIME>20250326073055
ACCESSION NUMBER:		0001654954-25-003318
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20250326
FILED AS OF DATE:		20250326
DATE AS OF CHANGE:		20250326

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Argo Blockchain Plc
		CENTRAL INDEX KEY:			0001841675
		STANDARD INDUSTRIAL CLASSIFICATION:	FINANCE SERVICES [6199]
		ORGANIZATION NAME:           	09 Crypto Assets
		EIN:				000000000
		STATE OF INCORPORATION:			X0
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		6-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-40816
		FILM NUMBER:		25770187

	BUSINESS ADDRESS:	
		STREET 1:		16 GREAT QUEEN STREET
		STREET 2:		9TH FLOOR
		CITY:			LONDON
		STATE:			X0
		ZIP:			SW1Y 6LX
		BUSINESS PHONE:		(604) 657-0554

	MAIL ADDRESS:	
		STREET 1:		16 GREAT QUEEN STREET
		STREET 2:		9TH FLOOR
		CITY:			LONDON
		STATE:			X0
		ZIP:			SW1Y 6LX
</SEC-HEADER>
<DOCUMENT>
<TYPE>6-K
<SEQUENCE>1
<FILENAME>a1891c.htm
<DESCRIPTION>ARGO ENTERS INTO TERM SHEETS WITH GEM MINING
<TEXT>
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UNITED STATES</font></div>
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SECURITIES AND EXCHANGE COMMISSION</font></div>
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Washington, D.C. 20549</font></div>
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_____________________</font></div>
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FORM 6-K</font></div>
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REPORT OF FOREIGN PRIVATE ISSUER</font></div>
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PURSUANT TO RULE 13a-16 OR 15d-16</font></div>
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UNDER THE SECURITIES EXCHANGE ACT OF 1934</font></div>
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For the month of March, 2025</font></div>
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Commission File Number: 001-40816</font></div>
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_____________________</font></div>
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Argo Blockchain plc</font></div>
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<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">
(Translation of registrant&#x2019;s name into English)</font></div>
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_____________________</font></div>
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Eastcastle House</font></div>
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27/28 Eastcastle Street</font></div>
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London W1W 8DH</font></div>
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England</font></div>
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(Address of principal executive office)</font></div>
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_____________________</font></div>
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by check mark whether the registrant files or will file annual
reports under cover of Form 20-F or Form 40-F.</font></div>
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<font style="font-family: Times New Roman; font-size: 13px">Form
20-F <font>&#x2612;</font>&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;</font>
<font style="font-family: Times New Roman; font-size: 13px">Form
40-F <font>&#x2610;</font></font></div>
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by check mark if the registrant is submitting the Form 6-K in paper
as permitted by Regulation S-T Rule 101(b)(1): <font>&#x2610;</font></font></div>
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by check mark if the registrant is submitting the Form 6-K in paper
as permitted by Regulation S-T Rule 101(b)(7): <font>&#x2610;</font></font></div>
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EXHIBIT INDEX</font></div>
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<font style="text-decoration: underline"><font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">Exhibit
No.</font></font></div>
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<font style="font-family: Times New Roman; font-size: 13px">1</font></div>
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<font style="text-decoration: underline">Description</font></font></div>
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<font style="font-family: Times New Roman; font-size: 13px">Argo
Enters into Term Sheets with Gem Mining dated 26 March
2025</font></div>
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<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
Press Release</font></div>
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<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
26 March 2025</font></div>
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<font style="font-style: italic; color: #000000; font-family: Times New Roman; font-size: 13px">
NOT FOR DISTRIBUTION TO UNITED STATES NEWS WIRE SERVICES OR FOR
DISSEMINATION IN THE UNITED STATES.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
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<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
Argo Blockchain plc</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
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<font style="font-family: Times New Roman; font-size: 13px"><font style="color: #000000">
("</font><font style="font-weight: bold; color: #000000">Argo</font><font style="color: #000000">" or "</font><font style="font-weight: bold; color: #000000">the Company</font><font style="color: #000000">")</font></font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
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<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
Argo Blockchain Enters into Term Sheets for Convertible Loan and to
Acquire GEM Mining LLC Assets</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-weight: bold; font-family: Times New Roman; font-size: 13px">
Would Double Argo's Hashrate and Provide for Growth
Capital</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
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<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
Argo Blockchain plc (LSE: ARB; NASDAQ: ARBK) is pleased to announce
that it has entered into non-binding term sheets to:</font></div>
<div style="text-align: justify; margin-left: 60px; margin-right: 0px; text-indent: -24px">
<font style="font-family: Times New Roman; font-size: 16px"><font style="color: #000000; font-size: 13px">1. &#xA0; &#xA0;acquire
substantially all of the assets of GEM Mining LLC and its
affiliates (collectively, "</font><font style="font-weight: bold; color: #000000; font-size: 13px">GEM</font><font style="color: #000000; font-size: 13px">")
on a debt free basis</font><font style="color: #000000; font-family: Times New Roman">&#xA0;</font><font style="font-size: 13px">from
the existing unitholders of GEM ("</font><font style="font-weight: bold; font-size: 13px">GEM
Investors</font><font style="font-size: 13px">")
for</font><font style="color: #000000; font-family: Times New Roman">&#xA0;</font><font style="color: #000000; font-size: 13px">total
consideration of up to $21.7 million ("</font><font style="font-weight: bold; color: #000000; font-size: 13px">Acquisition</font><font style="color: #000000; font-size: 13px">")
to be satisfied by the issue to the GEM Investors of new ordinary
shares in the capital of Argo ("</font><font style="font-weight: bold; color: #000000; font-size: 13px">Ordinary
Shares</font><font style="color: #000000; font-size: 13px">");
and</font></font></div>
<div style="text-align: justify; margin-left: 60px; margin-right: 0px; text-indent: -24px">
<font style="font-family: Times New Roman; font-size: 13px"><font style="color: #000000">2. &#xA0; &#xA0;for certain GEM Institutional
Investors to provide the Company with $10 million investment
consisting of a $7.0 million secured convertible note
("</font><font style="font-weight: bold; color: #000000">Convertible
Loan</font><font style="color: #000000">") and $3.0 million equity
investment into the Company (the "</font><font style="font-weight: bold; color: #000000">Equity
Investment</font><font style="color: #000000">" and together with
the Convertible Loan, the "</font><font style="font-weight: bold; color: #000000">Financing</font><font style="color: #000000">") on the same terms as the conversion of the
Convertible Loan (together with the Acquisition, the
"</font><font style="font-weight: bold; color: #000000">Transaction</font><font style="color: #000000">").</font></font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
Acquisition</font></div>
<div style="text-align: left; margin-left: 48px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 48px; margin-right: 0px; text-indent: -24px">
<font style="font-family: Times New Roman; font-size: 13px"><font style="color: #000000">&#x25CF;&#xA0; &#xA0;&#xA0;</font> <font style="color: #000000">GEM owns 2.4 exahash (EH) of mining machines
which, following completion of the Acquisition, is expected to more
than double the Company's hashrate and provide the Company with
access to the GEM's hosting arrangements. The acquisition is also
expected to drive efficiencies and increase overall Bitcoin
production.</font></font></div>
<div style="text-align: justify; margin-left: 48px; margin-right: 0px; text-indent: -24px">
<font style="font-family: Times New Roman; font-size: 13px"><font style="color: #000000">&#x25CF;&#xA0; &#xA0;&#xA0;</font> <font style="color: #000000">GEM has strong institutional backing which is
important to the Company as it continues to grow and look for
expansion opportunities.</font></font></div>
<div style="text-align: justify; margin-left: 48px; margin-right: 0px; text-indent: -24px">
<font style="font-family: Times New Roman; font-size: 13px"><font style="color: #000000">&#x25CF;&#xA0; &#xA0;&#xA0;</font> <font style="color: #000000">The consideration for the Acquisition is to be
satisfied by the issue of new Ordinary Shares and comprises $11.7
million in initial consideration (the "</font><font style="font-weight: bold; color: #000000">Initial
Consideration</font><font style="color: #000000">") and up to $10.0
million in contingent consideration (the "</font><font style="font-weight: bold; color: #000000">Contingent
Consideration</font><font style="color: #000000">"), based on the
realized hashprice in the 12 months following completion of the
Transaction, to be paid out on a quarterly
basis.</font></font></div>
<div style="text-align: justify; margin-left: 48px; margin-right: 0px; text-indent: -24px">
<font style="font-family: Times New Roman; font-size: 13px"><font style="color: #000000">&#x25CF;&#xA0; &#xA0;</font> <font style="color: #000000">The Company share price to be used in connection
with the Initial Consideration is 3.4 pence, which is the 20
trading day VWAP as of 25 March 2025 ("</font><font style="font-weight: bold; color: #000000">Closing Share
Price</font><font style="color: #000000">") and the share price to
be used in connection with the Contingent Consideration shall be
equal to the 20 trading day VWAP immediately preceding each
Contingent Consideration payment.</font></font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
Financing</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
&#xA0;</font></div>
<div style="text-align: justify; margin-left: 48px; margin-right: 0px; text-indent: -24px">
<font style="font-family: Times New Roman; font-size: 13px"><font style="color: #000000">&#x25CF;&#xA0; &#xA0;</font> <font style="color: #000000">The secured, Convertible Loan will carry an
interest rate of 8% per annum to be paid-in-kind or in cash at the
Company's option and will be convertible at the option of the
noteholders into Ordinary Shares at a price per Ordinary Share
equal to a 25% discount to the Closing Share Price. The Convertible
Loan will mature one year from the date of issuance
thereof.</font></font></div>
<div style="text-align: justify; margin-left: 48px; margin-right: 0px; text-indent: -24px">
<font style="font-family: Times New Roman; font-size: 13px"><font style="color: #000000">&#x25CF;&#xA0; &#xA0;&#xA0;</font> <font style="color: #000000">The Convertible Loan shall be secured with a first
priority security interest against all of the assets of the Company
and its subsidiaries, however, will be subordinated to any existing
mortgages or liens on the Company's real
property.</font></font></div>
<div style="text-align: justify; margin-left: 48px; margin-right: 0px; text-indent: -24px">
<font style="font-family: Times New Roman; font-size: 13px"><font style="color: #000000">&#x25CF;&#xA0; &#xA0;&#xA0;</font> <font style="color: #000000">The $3.0 Equity Investment will be made at a 25%
discount to the Closing Share Price.</font></font></div>
<div style="text-align: justify; margin-left: 48px; margin-right: 0px; text-indent: -24px">
<font style="font-family: Times New Roman; font-size: 13px"><font style="color: #000000">&#x25CF;&#xA0; &#xA0;&#xA0;</font> <font style="color: #000000">GEM will be entitled to appoint two directors to
the Company's board upon completion of the
Transaction.</font></font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
The Company has granted GEM a 30-day exclusivity period (extensions
to be considered in good faith depending on progress made).
Completion of the Transaction is conditional on, among other
things, shareholder approval, the granting of a Rule 9 waiver by
the UK Takeover Panel and the publication of a prospectus by the
Company.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px"><font style="font-weight: bold; color: #000000; font-size: 13px">
Chairman of the Board, Matt Shaw commented:</font><font style="color: #000000; font-family: Times New Roman">&#xA0;"</font><font style="color: #000000; font-size: 13px">We
believe this transaction represents a significant step toward
profitable growth for Argo and strengthens our capital structure.
The Argo and Gem teams are working collaboratively to complete due
diligence and finalize definitive documentation. We look forward to
updating shareholders in due course."</font></font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
Stifel is serving as financial advisor to Argo. Compass Point is
serving as financial advisor to GEM.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px"><font style="color: #000000">
This announcement does not constitute an offer to sell or a
solicitation of an offer to buy any securities in the United
States. The securities offered hereby have not been and will not be
registered under the United States Securities Act of 1933, as
amended (the "</font><font style="font-weight: bold; color: #000000">1933 Act</font><font style="color: #000000">") or any state securities laws and may not be
offered or sold in the United States or to U.S. persons (as defined
in Regulation S under the 1933 Act) unless the securities have been
registered under the 1933 Act and all applicable state securities
laws, or are otherwise exempt from such
registration.</font></font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; background-color: #FEFEFE; font-weight: bold; font-family: Times New Roman; font-size: 13px">
No Assurance of Definitive Agreements</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
There can be no assurance that any definitive agreements for the
Transaction will be signed or that the Transaction will be
consummated. Should Argo be unsuccessful in completing the
Transaction, Argo may need to explore other financing
opportunities. The Company is endeavoring to complete such
Transaction to provide the Company with working capital sufficient
for its present requirements, that is for at least the next twelve
months from the date of this announcement.</font></div>
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This announcement contains inside information.</font></div>
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<br></font></div>
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About Argo:</font></div>
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<font style="font-family: Times New Roman; font-size: 13px"><font style="color: #000000; font-size: 13px">
Argo Blockchain plc is a dual-listed (LSE: ARB; NASDAQ: ARBK)
blockchain technology company focused on large-scale cryptocurrency
mining. With a mining facility in Quebec and offices in the US,
Canada, and the UK, Argo's global, sustainable operations are
predominantly powered by renewable energy. In 2021, Argo became the
first climate positive cryptocurrency mining company, and a
signatory to the Crypto Climate Accord. For more information,
visit</font><font style="color: #000000; font-family: Times New Roman">&#xA0;</font><font style="text-decoration: underline; color: #0000FF; font-size: 13px">www.argoblockchain.com</font><font style="color: #000000; font-size: 13px">.</font></font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
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Forward looking statements</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
This announcement contains "forward-looking statements," which can
be identified by words like "may," "will," "likely," "should,"
"expect," "anticipate," "future," "plan," "believe," "intend,"
"goal," "seek," "estimate," "project," "continue" and similar
expressions. Forward-looking statements are neither historical
facts nor assurances of future performance. Instead, they are based
only on the Company's current beliefs, expectations and assumptions
regarding the future of its business, future plans and strategies,
projections, anticipated events and trends, the economy and other
future conditions. Because forward-looking statements relate to the
future, they are subject to inherent uncertainties, risks and
changes in circumstances that are difficult to predict and many of
which are outside of the Company's control. The information in this
announcement about future plans and objectives of the Company,
including closing of the Transaction and effects thereof, the use
of proceeds of the Financing, expected hashrate of the Company are
forward-looking statements. Therefore, you should not rely on any
of these forward-looking statements. Important factors that could
cause the Company's actual results and financial condition to
differ materially from those indicated in the forward-looking
statements include, market and other conditions, the principal
risks and uncertainties listed in the risk factors set forth in our
Annual Report and Financial Statements and Form 20-F for the year
ended&#xA0;31 December 2023, and our Interim Report as of&#xA0;30
September 2024.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
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<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
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<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">
SIGNATURES</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-family: Times New Roman; font-size: 13px">Pursuant to the
requirements of the Securities Exchange Act of 1934, the registrant
has duly caused this report to be signed on its behalf by the
undersigned, thereunto duly authorized.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
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<font style="font-family: Times New Roman; font-size: 13px">Date:
26 March, 2025</font></div>
</td>
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<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">
ARGO BLOCKCHAIN PLC</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">By:
<font style="font-style: italic">/s/ Jim
MacCallum</font></font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Name:
Jim MacCallum</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Title:
Chief Financial Officer</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
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<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
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