Dr. Vikas Berry reports
ARGO GRAPHENE SOLUTIONS CORP. CLOSES UPSIZED PRIVATE PLACEMENT FOR GROSS PROCEEDS OF $1.47 MILLION
Argo Graphene Solutions Corp. has closed its previously announced upsized non-brokered private placement offering, issuing 1,841,571 units at a price of 80 cents per unit for aggregate gross proceeds of $1,473,257.
Each unit comprises one common share in the capital of the company and one share purchase warrant. Each warrant entitles the holder to purchase one additional common share in the capital of the company at a price of $1 per share until Sept. 15, 2027.
In connection with the offering, the company paid aggregate finders' fees of $57,056 and issued an aggregate of 71,320 finder warrants to eligible finders. Each finder warrant entitles the holder to purchase one common share in the capital of the company at a price of $1 per share until Sept. 15, 2027.
The company plans to use the proceeds of the offering to advance its Stream commercialization strategy, including securing and developing a facility in the Chicago, Ill., area, advancing the Stream technology and related intellectual property, advancing development of a graphene refinery, and for general corporate and working capital purposes.
"This financing strengthens our ability to work towards moving Stream toward commercial-scale manufacturing," said Dr. Vikas Berry, chief executive officer of Argo. "Our next phase is focused on advancing the graphene refinery, scaling production of graphene and graphene oxide, and working with industry partners to accelerate commercial applications."
All securities issued under the offering are subject to a four-month hold period expiring on Jan. 16, 2027, in accordance with applicable Canadian securities laws and Canadian Securities Exchange policies.
A director of the company participated in the offering by acquiring an aggregate of 25,000 units for aggregate proceeds of $20,000, and such participation is considered to be a related party transaction for purposes of Multilateral Instrument 61-101. The company is relying on the exemptions from the formal valuation requirements contained in Section 5.5(a) of MI 61-101 and the minority shareholder approval requirements contained in Section 5.7(1)(a) of MI 61-101 as the fair market value of the related party's participation is not more than 25 per cent of the company's market capitalization. The company did not file a material change report in respect of the related party transaction at least 21 days before the closing of the offering, which the company deems reasonable in the circumstances in order to close the offering in an expeditious manner.
About Argo Graphene Solutions Corp.
Argo Graphene Solutions is a Canadian advanced materials company developing and commercializing graphene technologies based on the proprietary Stream production platform, exclusively licensed from Grapherry with a pathway to full ownership. Led by chief executive officer Dr. Vikas Berry, Argo is developing a vertically integrated graphene refinery platform designed to connect graphene and graphene oxide production with application development, industrial testing and commercialization.
The company is evaluating Stream materials across multiple industrial markets, including energy storage, AI (artificial intelligence)
infrastructure, construction, composites, semiconductors and advanced electronics, agriculture, coatings, and other emerging applications. Argo's strategy combines advanced-material production, application development, testing, industry collaboration and commercialization.
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