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Argo Engages Independent Trading Group as Market Maker and Closes Private Placement
Globenewswire· 2026-03-27 21:00
Core Viewpoint - Argo Corporation has engaged Independent Trading Group for market-making services and completed a private placement to enhance liquidity and support working capital [1][3]. Group 1: Market-Making Agreement - Argo Corporation has entered into a Market Making Services Agreement with Independent Trading Group, which will trade shares on the TSX Venture Exchange to improve liquidity [1]. - ITG will receive a monthly compensation of $6,000 for its services, with the agreement starting on March 27, 2026, and renewable monthly [2]. - The agreement can be terminated by either party with a 30-day notice, and there are no performance factors or equity compensation involved [2]. Group 2: Private Placement Offering - The company has closed a non-brokered private placement, raising gross proceeds of $750,000 by issuing 1,875,000 common shares at a price of $0.40 each [3]. - The net proceeds from the offering will be allocated for working capital and general corporate purposes, with a statutory hold period expiring on July 28, 2026 [3]. - No finder's fees or commissions were paid in connection with this offering, which is subject to final acceptance by the TSX Venture Exchange [3]. Group 3: Company Overview - Argo Corporation is focused on next-generation transit solutions, aiming to create an integrated city transit system that enhances public transportation and mobility [5].
Argo Corporation Announces Investment And Lock-Up Agreements By Co-Founders
Globenewswire· 2026-02-17 23:15
Core Viewpoint - Argo Corporation has successfully closed financing arrangements totaling $5,445,383, which includes significant personal investments from co-founders Praveen Arichandran and Qamar Qureshi, who have also entered into voluntary lock-up agreements to demonstrate their long-term confidence in the company [1][2]. Financing and Shareholder Actions - The financing arrangements include $2,445,383 raised through the exercise of outstanding common share purchase warrants at an exercise price of $0.06 per share, resulting in the issuance of 56,212,455 common shares [3]. - Following the exercise of the warrants, the total number of common shares issued and outstanding is now 257,585,455 [3]. - Praveen Arichandran exercised warrants for a total price of $1,091,016.96, acquiring 18,183,616 common shares, increasing his ownership to approximately 15.65% of the issued and outstanding common shares on a partially-diluted basis [3]. - Qamar Qureshi exercised warrants for a total price of $677,182.98, acquiring 11,286,383 common shares, raising his ownership to approximately 12.50% of the issued and outstanding common shares on a partially-diluted basis [3]. Lock-Up Agreements - Both co-founders have entered into lock-up agreements that restrict them from selling or disposing of their shares until February 8, 2028, reinforcing their commitment to the company's long-term vision [1][2].
Argo Corporation Closes $5.4 Million in Financing Arrangements
Globenewswire· 2026-02-06 23:00
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]
Argo Corporation Announces Investment by TheVentureCity
Globenewswire· 2025-12-29 22:00
Core Insights - Argo Corporation has successfully closed the first tranche of its non-brokered private placement, raising a total of $1,400,000 by issuing 3,500,000 common shares at a price of $0.40 per share [1] Group 1: Offering Details - The first tranche of the Offering was completed on December 22, 2025, with TheVentureCity as the key investor [1] - The proceeds from the Offering will be utilized for working capital and general corporate purposes, aiming to attract strategic investor groups to support the company's growth [3] - All securities issued are subject to a statutory hold period until April 30, 2026, and the completion of the Offering is pending final acceptance from the TSX Venture Exchange [3] Group 2: About TheVentureCity - TheVentureCity is a global venture fund founded by Laura González-Estéfani, who has a background in leading international growth at Facebook [2] - The fund has invested in over 120 companies across North America, Europe, and Latin America, indicating a strong network and potential for collaboration with Argo [2] Group 3: Company Overview - Argo Corporation is recognized for delivering the first vertically and publicly integrated city transit system, designed to enhance public transportation and create a network of intelligently routed vehicles [4] - The company's innovative approach aims to empower individuals by providing better control over their mobility needs [4]
Argo Corporation Announces Proposed Financing Arrangements
Globenewswire· 2025-12-22 12:00
Core Viewpoint - Argo Corporation plans to issue up to 21,250,000 common shares at $0.40 each, aiming for proceeds of up to $8,500,000 through a non-brokered private placement, and intends to secure a $1,500,000 loan with a 12% interest rate [1][3] Group 1: Offering Details - The Offering will target key strategic investor groups, but the Company may accept subscriptions from any qualifying investor [2] - There is no minimum offering amount, and the Company may choose not to complete the Offering in full [2] - Proceeds from the Offering will be allocated for working capital and general corporate purposes [2] Group 2: Loan Information - The proposed $1,500,000 Loan is expected to mature in two years and be secured by a first-ranking general security agreement [3] - The Loan will include the issuance of up to 2,062,500 non-transferable common share purchase warrants, each exercisable at $0.44 [3] - Proceeds from the Loan are also intended for working capital and general corporate purposes [3] Group 3: Company Overview - Argo Corporation is a leader in next-generation transit solutions, focusing on creating an integrated city transit system that enhances public transportation [4]