TORONTO, Feb. 06, 2026 (GLOBE NEWSWIRE) -- Argo Corporation (TSXV: ARGH), (OTCQX: ARGHF) ("Argo" or the "Company"), a leader in next-generation transit solutions, announces that it has now closed on an aggregate of $5,445,383 in recently announced financing arrangements, including the closing of the non-brokered private placement (the "Offering") initially announced on December 22, 2025 for aggregate gross proceeds of $1,500,000, its recently announced closing of a $1,500,000 secured loan (the "Loan") on February 4, 2026, and the exercise of a class of the Company's outstanding common share purchase warrants (the "Warrants") for aggregate gross proceeds of $2,445,383, inclusive of $1,768,200 from Argo co-founders Praveen Arichandran and Qamar Qureshi.
The Offering was led by TheVentureCity, a global venture fund founded by Laura González-Estéfani, with investments in over 120 companies across North America, Europe, and Latin America. The Company previously closed on the first tranche of the Offering on December 29, 2025. The Offering has now been closed with a total issuance of 3,750,000 common shares ("Common Shares") at a price of $0.40 per Common Share, for aggregate gross proceeds of $1,500,000. Proceeds of the Offering will be used for working capital and general corporate purposes. 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.
The Company also recently announced the closing of 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 a rate of 12% per annum. The Loan is secured against assets of the Company and is repayable on the earlier of 24 months from the date of issuance or the receipt by the Company of $10,000,000 or more of aggregate gross proceeds pursuant to one or more equity financings. The Loan also includes the issuance of 2,062,500 non-transferable Warrants to the Lender entitling the holder to acquire one common share at an exercise price of $0.44 per share for 24 months. In addition to the Loan and the Offering, the Company has also received aggregate gross proceeds of $2,445,383 through the exercise of outstanding Warrants issued in connection with the conversion of the Company's previously outstanding debentures on August 20, 2025 (the "Warrants"). The balance of the Warrants were exercised on a net exercise basis pursuant to the amendment (the "Amendment") to add the net exercise feature to the Warrants as further described in the Company's press release dated February 4, 2026. In connection with these exercises, the Company issued an aggregate of 56,212,455 Common Shares. No finder's fees were paid in connection with the Loan or the Offering. The Loan, Offering and the Amendment are each subject to final acceptance by the TSX Venture Exchange.
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 various 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 the Company cautions against placing undue reliance thereon. The Company has no intention and undertakes 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. 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.
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
