Argo Graphene raises private placement target to $1.5M

Argo Graphene Solutions Corp. (CSE: ARGO) (OTCQB: ARLSF) (FSE: 94Y) has increased the size of its non-brokered private placement offering from $1,000,000 to up to $1,500,000, according to a press release from the company.

The offering will consist of up to 1,875,000 units priced at $0.80 per unit. Each unit comprises one common share and one transferable share purchase warrant, with each warrant allowing the holder to purchase one additional common share at $1.00 per share for 12 months from the date of issuance.

The offering also includes an over-allotment option for up to an additional 375,000 units, representing additional gross proceeds of up to $300,000, exercisable at the company's discretion.

Argo Graphene stated it intends to use the proceeds to advance its STREAM commercialization strategy, including securing and developing a facility in the Chicago, Illinois area, establishing a graphene refinery, and for general corporate and working capital purposes.

Securities issued under the offering will be subject to a four-month hold period from the date of issuance under Canadian securities laws. Closing remains subject to regulatory approvals, including acceptance by the Canadian Securities Exchange.

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