Argo Graphene amends $1 million financing, advances STREAM graphene commercialization
Argo Graphene Solutions Corp. (CSE: ARGO), developer of the STREAM™ graphene production platform, has amended the terms of the non-brokered private placement it announced earlier this month. Under the revised terms, Argo now proposes to issue up to 1,250,000 units at CA$0.80 per unit (about US$0.58), down from the original CA$1.00 per unit, for aggregate gross proceeds of up to CA$1,000,000 (about US$722,600), with an over-allotment option for a further 250,000 units that could bring the total to CA$1,200,000 (about US$867,200). Each unit consists of one common share and one warrant, with each warrant exercisable into an additional share at $1.00 for one year. The offering remains subject to a four-month-and-one-day statutory hold and approval from the Canadian Securities Exchange.
Proceeds are earmarked for securing and developing a facility in the Chicago area, advancing STREAM™ technology and related intellectual property, establishing a graphene refinery, and general working capital. STREAM™, developed at Grapherry, Inc. under the leadership of Dr. Vikas Berry and exclusively licensed to Argo with a contractual path to full ownership, produces both STREAM-G™ graphene and STREAM-O™ graphene oxide from carbon-rich feedstocks.
Source: https://www.graphene-info.com/argo-graphene-amends-1-million-financing-advances-stream-graphene
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