TORONTO, Feb. 04, 2026 (GLOBE NEWSWIRE) -- Argo Corporation (TSXV: ARGH), (OTCQX: ARGHF) ("Argo" or the "Company"), a leader in next-generation transit solutions, has closed its previously announced $1,500,000 secured loan (the "Loan") and extended the previously announced non-brokered private placement offering of up to 21,250,000 common shares ("Common Shares") of the Company at a price of $0.40 per Common Share, for proceeds of up to $8,500,000 pursuant to a non-brokered private placement (the "Offering").
The Company has closed the Loan with the strategic Canadian investment group North American Bond Company, Limited (the "Lender") in the principal amount of $1,500,000, bearing interest at 12% per annum and maturing two years from closing. The Loan is secured by a first-ranking general security agreement. In connection with the Loan, the Company issued to the Lender 2,062,500 non-transferable common share purchase warrants, each exercisable to acquire one Common Share at an exercise price of $0.44, expiring on the Loan maturity date.
Further closings of the Offering are expected to occur by February 9, 2026. The Company may close the Offering in one or more additional tranches at its discretion. The Common Shares issued pursuant to the Offering are subject to a statutory hold period of four months and one day from the applicable date of issuance, in accordance with applicable Canadian securities laws. There can be no assurances that the Offering will be completed on the terms set out herein, or at all. The Company has also received conditional approval from the TSX Venture Exchange (the "TSXV") to add a cashless net exercise feature (the "Amendment") to the 58,939,998 common share purchase warrants issued in connection with the conversion of the Company's previously outstanding debentures on August 20, 2025. No other terms of the share purchase warrants were amended. The Loan, Offering and the Amendment are each subject to final acceptance by the TSXV.
About Argo
Argo delivers the first-ever vertically and publicly integrated city transit system, designed to augment public transportation and create a network of intelligently routed vehicles that work together to serve and scale to the needs of entire cities, putting people in control of their mobility. You can learn more at www.rideargo.com
Praveen Arichandran, CEO
Argo Corporation
(800) 575-7051
Forward-Looking Information
This news release includes certain forward-looking statements as well as management's objectives, strategies, beliefs and intentions. Forward-looking statements are frequently identified by such words as "may", "will", "plan", "expect", "anticipate," "estimate," and "intend," and similar words referring to future events and results. Forward-looking statements are based on the current opinions and expectations of management. The forward-looking information set out in this news release relates to future events or future performance and includes, without limitation, statements concerning the size, timing, and completion of the Offering, the Loan, or of any other proposed financing arrangements, use of associated proceeds, and other related information. All forward-looking information is inherently uncertain and subject to a variety of assumptions, risks and uncertainties, as described in more detail in the Company's securities filings available at www.sedarplus.ca. Actual events or results may differ materially from those projected in the forward-looking statements, and we caution against placing undue reliance thereon. We assume no obligation to revise or update these forward-looking statements except as required by applicable law. See "Cautionary Note Regarding Forward-Looking Information", "Financial Risk Management Objectives And Policies" and "Other Business Risks and Uncertainties" in the Company's Q3 2025 Financial Statements and its Q3 2025 MD&A for a discussion of the uncertainties, risks and assumptions associated with these statements and other risks. Readers are urged to consider the uncertainties, risks, and assumptions carefully when evaluating forward-looking information and are cautioned not to place undue reliance on such information. We have no intention and undertake no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by applicable securities legislation and regulatory requirements.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
This news release does not constitute an offer to sell or a solicitation of an offer to buy any securities in the United States. The securities have not been and will not be registered under the U.S. Securities Act of 1933, as amended, or any applicable state securities laws, and may not be offered or sold in the United States absent registration or an applicable exemption.
Media Contact: Christina Ra, Argo Corporation, christina@rideargo.com, (800) 575-7051
