Argo Blockchain PLC (LSE:ARB, OTCQX:ARBKF, NASDAQ:ARBK, ETR:0XP) shares fell over 16% on Monday morning following a £7.8 million equity round.

New shares were issued at 20.5p to institutional investors, marking a 24% discount to the previous closing price (though only a 1% discount on a volume-weighted 30-day basis).

The net proceeds of the placing will be used for working capital, the repayment of indebtedness and for general corporate purposes.

Argo Blockchain also posted its December operational update on Monday, showing that the group mined 155 bitcoins (a 4% month-on-month increase) and brought in US$6.6 million (£5.2 million) in revenue, marking a 25% month-on-month increase.

Shares were swapping for 22.75p at the time of writing.