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Steer Technologies ( (TSE:ARGH) ) just unveiled an update.
Argo Corporation plans to raise up to $8.5 million through a non-brokered private placement of up to 21,250,000 common shares at $0.40 per share, targeting strategic investors and partners, with proceeds earmarked for working capital and general corporate purposes. In parallel, the company has signed a non-binding letter of intent for a $1.5 million secured loan bearing 12% interest over two years, potentially accompanied by up to 2,062,500 common share purchase warrants, further bolstering liquidity to support operations while maintaining that the financing terms remain subject to TSX Venture Exchange approval and definitive documentation.
More about Steer Technologies
Argo Corporation is a Toronto-based provider of next-generation transit solutions, developing a vertically and publicly integrated city transit system that augments existing public transportation with a network of intelligently routed vehicles designed to scale to the mobility needs of entire cities.
YTD Price Performance: 266.67%
Average Trading Volume: 53,259
Technical Sentiment Signal: Sell
Current Market Cap: C$86.95M
Learn more about ARGH stock on TipRanks’ Stock Analysis page.