Argo Graphene closes $1.47M upsized private placement

Argo Graphene Solutions Corp. (CSE: ARGO) (OTCQB: ARLSF) has closed a non-brokered private placement, issuing 1,841,571 units at $0.80 per unit for gross proceeds of $1,473,257, according to a press release from the Vancouver-based company.

Each unit consists of one common share and one share purchase warrant, with each warrant exercisable at $1.00 per share until September 15, 2027. The company paid $57,056 in finder's fees and issued 71,320 finder's warrants on the same exercise terms.

A company director participated in the offering, acquiring 25,000 units for $20,000, which the company has classified as a related party transaction under Multilateral Instrument 61-101. Argo relied on exemptions from formal valuation and minority shareholder approval requirements, as the fair market value of the director's participation did not exceed 25% of the company's market capitalization.

All securities issued are subject to a four-month hold period expiring January 16, 2027, under Canadian securities laws and Canadian Securities Exchange policies.

The company said proceeds will be directed toward advancing its STREAM commercialization strategy, securing and developing a facility in the Chicago, Illinois area, advancing graphene refinery development, and general working capital purposes.

"This financing strengthens our ability to work towards moving STREAM toward commercial-scale manufacturing," said Dr. Vikas Berry, CEO of Argo.

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