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FINWIRES

Argo Announces Closing of Strategic Investment

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Argo (ARGH.V) closed a non-brokered private placement with a strategic investor whose business is related to the manufacturing of potential future vehicle hardware, the company said late Friday.

The private placement consisted of 1.15 million common shares issued at a price of $0.40 each, for gross proceeds of $460,000, said the company.

The company plans to use the proceeds for working capital and general corporate purposes.

The private placement remains subject to final acceptance of the TSX Venture Exchange, it stated.

"Argo continues to advance its next-generation public transit platform and evaluate opportunities to develop alignment with partners and investors in support of its long-term vehicle hardware and fleet strategy," the company added.

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