Argo Graphene Solutions, developer of the STREAM™ graphene production platform exclusively licensed from Grapherry, has closed a non-brokered private placement, issuing 1,841,571 units at CA$0.80 per unit (about US$0.58) for gross proceeds of CA$1,473,257 (about US$1,058,800). The offering was upsized from its original CA$1 million target to up to CA$1.5 million earlier in the process, following an initial CA$1 million financing launch and a subsequent pricing amendment that cut the unit price from CA$1.00 to CA$0.80.
Proceeds will go toward advancing Argo's STREAM commercialization strategy, including securing and developing a facility in the Chicago, Illinois area, continuing development of the STREAM technology, and general working capital. STREAM converts carbon-rich feedstocks into graphene and graphene oxide through two pathways, STREAM-G and STREAM-O, reducing reliance on mined natural graphite.
"This financing strengthens our ability to work towards moving STREAM toward commercial-scale manufacturing," said Dr. Vikas Berry, CEO of Argo.
