London and New York-listed crypto miner Argo Blockchain has struck a new restructuring deal with Growler Mining and secured fresh funding to help steady its finances.
The company has signed an amended restructuring support agreement with the US-based firm, now operating as Growler Mining Tuscaloosa, along with a secured loan and security package.
The deal builds on Argo’s previously announced recapitalisation plan, aimed at reducing debt and securing its future through a court process.
CEO Justin Nolan, who returned to the struggling business in March, said: “When we announced our proposed recapitalization plan on 30 June 2025, I emphasized that the transaction was the culmination of a months-long process designed to preserve Argo’s operations and maximize value for our stakeholders.
The entry into the amended RSA and the loan and security agreement with Growler builds directly on that foundation.
These agreements provide the funding and creditor support needed to carry the recapitalisation plan through the court process, and they represent another critical step toward delivering a significantly deleveraged balance sheet and a long-term strategic partnership with Growler.”
As part of the deal, Growler is expected to emerge with a stake of more than 80% in the company, while bondholders are set to receive equity in exchange for debt.
Current shareholders are likely to retain their holdings, though subject to significant dilution.
Argo’s share price has plummeted in recent years, now sitting at 1.73p.
The London-headquartered company floated in 2018 with a share price of 87p and peaked in 2021 at 282p. Its market cap is now £12.38m.
It has also agreed a secured term loan facility of up to $7.5m with Growler, drawing down $3.26m immediately to provide liquidity through the process.
The company is targeting court sanction of the recapitalisation plan in December, but if the plan fails, Argo warned it may have to pursue insolvency proceedings in the UK, US and Canada.
Under UK takeover rules, Growler’s expected majority stake would normally trigger an obligation to make a mandatory offer to other shareholders.
However, Argo intends to seek a waiver from the Takeover Panel, arguing that the deal is a rescue of a company in serious financial difficulty.