Argo Blockchain's (ARB) said a deal to raise 24 million British pounds ($27 million) from a strategic investor has fallen through, sending the bitcoin mining company's shares tumbling as much as 72%, CoinDesk.com reported. The London-based firm, which earlier this month signed a letter of intent to sell 87 million shares to the investor as it looked to ease liquidity pressures, didn't say why the agreement had been called off. It is working to secure other deals to provide working capital for the next 12 months. "Should Argo be unsuccessful in completing any further financing, Argo would become cash flow negative in the near term and would need to curtail or cease operations," it said in a statement to the London Stock Exchange. Argo shares fell to as low as 4.25 pence and were recently trading about 7 pence. They have lost some 92% this year. In an attempt to secure short-term liquidity, Argo sold 3,843 Antminer S19J Pros for $5.6 million. It had previously intended to sell 3,400 miners for $7 million.
