Argo closes $10M private placement with institutional investors

Argo Corporation (TSXV: ARGH) (OTCQX: ARGHF) has closed a non-brokered private placement with long-term institutional investors, including a pension fund, raising gross proceeds of approximately $10 million, according to a press release from the Toronto-based company.

Under the terms of the placement, Argo issued 33,333,334 common shares at $0.30 per share for aggregate gross proceeds of $10,000,000.20. The securities are subject to a statutory hold period expiring November 25, 2026, and the placement remains subject to final acceptance by the TSX Venture Exchange. No finder's fees or commissions were paid.

The company said it intends to use the proceeds to expand its Smart Routing transit network, fund research and development, and for working capital and general corporate purposes.

"This investment gives us the capital to execute our expansion plans in Canada and pursue opportunities in the United States and internationally through our capital-efficient scaling model," said Praveen Arichandran, co-founder and chief executive officer of Argo.

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