Argo Corporation Closes $5.4 Million in Financing Arrangements

Financing Overview - Argo Corporation has closed on a total of $5,445,383 in financing arrangements, which includes a non-brokered private placement for $1,500,000, a secured loan of $1,500,000, and the exercise of warrants for $2,445,383 [1][3] - The private placement involved the issuance of 3,750,000 common shares at a price of $0.40 per share, generating gross proceeds of $1,500,000 [2] - The secured loan from North American Bond Company, Limited is for $1,500,000 with a 12% annual interest rate, secured against the company's assets and repayable within 24 months or upon raising $10,000,000 in equity financing [3] Use of Proceeds - Proceeds from the private placement will be utilized for working capital and general corporate purposes [2] Warrants and Share Issuance - The company issued 2,062,500 non-transferable warrants to the lender as part of the loan agreement, allowing the holder to acquire common shares at an exercise price of $0.44 per share for 24 months [3] - An additional 56,212,455 common shares were issued through the exercise of outstanding warrants related to previously issued debentures [3] Company Profile - Argo Corporation is a leader in next-generation transit solutions, focusing on creating an integrated city transit system that enhances public transportation and optimizes mobility for urban areas [4]