Argo Blockchain To Sell Helios Facility To Galaxy For $65 Mln

* TRANSFORMATIONAL STRATEGIC TRANSACTION WITH GALAXY

* ARGO’S SUBSIDIARY TO SELL ITS HELIOS FACILITY TO GALAXY FOR $65 MILLION (£54 MILLION)

* TRANSACTIONS WILL REDUCE TOTAL INDEBTEDNESS BY $41 MILLION (£34 MILLION) AND SIMPLIFY ARGO’S OPERATING STRUCTURE

* ARGO’S SUBSIDIARY TO REFINANCE ASSET-BACKED LOANS WITH A NEW $35 MILLION (£29 MILLION) LOAN WITH GALAXY

* TRANSACTIONS ARE EXPECTED TO CLOSE ON WEDNESDAY, 28 DECEMBER 2022

* CO’S CANADIAN ASSETS NOT AFFECTED BY AGREEMENTS WITH GALAXY EXCEPT FOR USE OF CERTAIN MINING MACHINES, OTHER ASSETS LOCATED IN QUEBEC
* DUE TO TRANSACTION WITH GALAXY, COMPANY WILL NOT REPORT EARNINGS RESULTS FOR Q3 2022

* TRADING ON NASDAQ IS EXPECTED TO RESUME ON WEDNESDAY, 28 DEC 2022 WHEN BOTH LONDON STOCK EXCHANGE AND NASDAQ ARE OPEN FOR TRADING

* TRANSACTIONS WILL STRENGTHEN ARGO’S BALANCE SHEET, IMPROVE ARGO’S LIQUIDITY POSITION, AND ENABLE COMPANY TO CONTINUE OPERATIONS