Company: ARBK
Filing Date: 2025-06-30
Form Type: 6-K
Source: 0001654954-25-007500
Chunk: 1

Company: Argo Blockchain Plc
Filing Date: 2025-06-30
Form: 6-K
Chunk 1
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 Wales or other court in England and Wales of competent jurisdiction ("Court") under Part 26A Companies Act 2006 ("Restructuring Plan").

Argo and Growler Mining, LLC n/k/a Growler Mining Tuscaloosa, LLC ("Growler") have entered into a restructuring plan support agreement under which Growler has agreed to provide a senior secured multi-draw term loan to Argo ("Loan") for the purposes of providing working capital to Argo and its subsidiaries and to assist Argo to implement a financial restructuring which the board has concluded is necessary to avoid an uncontrolled insolvency and liquidation of Argo and its subsidiaries ("Restructuring").

#### Key terms of the Restructuring Plan
Under the Restructuring Plan, it will be proposed that:

1. the Loan will, at Growler's election, be paid in full in cash or fully converted into newly issued common stock (or ordinary shares) in Argo on the Effective Date of the Restructuring Plan (as defined below);

2. subject to sanction by the Court of the Restructuring Plan, Growler will contribute crypto assets with a book value of US$25-30m to Argo Operating US LLC ("Argo US"), a wholly owned subsidiary of the Company, in exchange for all common stock or membership interests in Argo US, and, following that, Growler will contribute all of its equity or membership interests in Argo US to the Company in exchange for additional new equity in Argo;

3. Argo's bond holders (which collectively hold bonds with a face value of approximately $40 million in the aggregate) will receive new common stock in Argo in full and final satisfaction of their claims and in accordance with the terms of the Restructuring Plan;

4. following conversion of its Loan (if applicable), issue of shares in in Argo in exchange for its contribution of all equity or membership interests held in Argo US, and the exit capital to be provided to Argo upon the Effective Date of the Restructuring Plan in exchange for additional new equity in Argo (as set forth below), it is envisaged that Growler would be left with at least 80% of the issued shares of the Company, with the exact proportions to be determined by reference to the value of its Loan, the assets contributed, and the exit capital provided. It is envisaged that bond holders would be left with the remaining equity, with existing equity holders in Argo having their shares cancelled and extinguished on the Effective Date