Claim 55% Off TipRanks
- Unlock hedge fund-level data and powerful investing tools for smarter, sharper decisions
- Discover top-performing stock ideas and upgrade to a portfolio of market leaders with Smart Investor Picks
Steer Technologies ( (TSE:ARGH) ) just unveiled an update.
Argo Corporation has closed a total of approximately $5.45 million in financing through a combination of a non-brokered private placement, a secured loan, and the exercise of outstanding warrants. The private placement, led by global venture fund TheVentureCity, raised $1.5 million via the issuance of 3.75 million common shares at $0.40, with proceeds earmarked for working capital and general corporate purposes. The company also secured a $1.5 million asset-backed loan from North American Bond Company, bearing 12% annual interest and accompanied by 2,062,500 warrants exercisable at $0.44, while warrant exercises tied to prior debenture conversions contributed an additional $2.45 million and resulted in the issuance of over 56 million common shares. The combined transactions significantly bolster Argo’s balance sheet and liquidity, deepen support from existing stakeholders including its co-founders, and may strengthen its capacity to invest in scaling its urban mobility platform, subject to final approval from the TSX Venture Exchange.
More about Steer Technologies
Argo Corporation is a Toronto-based company specializing in next-generation transit solutions, developing a vertically and publicly integrated city transit system that augments traditional public transportation. Its platform uses intelligently routed vehicle networks designed to scale across entire cities and give riders greater control over their mobility.
Average Trading Volume: 54,591
Technical Sentiment Signal: Sell
Current Market Cap: C$68.38M
Find detailed analytics on ARGH stock on TipRanks’ Stock Analysis page.