Vancouver, British Columbia–(Newsfile Corp. – July 30, 2021) – Argo Living Soils Corp. (CSE: ARGO) (“Argo” or the “Company”) is pleased to announce it has closed its initial public offering (the “IPO“) of 8,000,000 units of the Company (the “Units“) sold at an offering price of $0.10 per Unit for gross proceeds of $800,000. Each Unit consists of one common share in the capital of the Company (a “Common Share“) and one common share purchase warrant (a “Warrant“). Each Warrant entitles the holder thereof to acquire one additional Common Share upon payment of the exercise price of $0.35 at any time prior to 4:00 p.m. (Vancouver time) on August 3, 2023. The Company now has a total of 18,070,001 Common Shares issued and outstanding. The Company’s Common Shares are expected to commence trading on the Canadian Securities Exchange (the “CSE“) at the market open on August 3, 2021 under the symbol “ARGO”.
PI Financial Corp. (the “Agent“) acted as agent in connection with the IPO. In consideration for its services, the Agent received a corporate finance fee, cash commissions equal to 8.0% of the gross proceeds of the IPO and options to purchase that number of Common Shares as is equal to 8.0% of the total number of Units sold under the IPO (an “Agent’s Option“). Each Agent’s Option is exercisable at a price of $0.10 per Common Share until August 3, 2023.
Additional information on the Company and the IPO can be found in the Company’s final prospectus dated June 30, 2021, as filed under the Company’s profile on SEDAR at www.sedar.com.
No securities regulatory authority has either approved or disapproved of the contents of this news release. This news release does not constitute an offer to sell or a solicitation of an offer to sell any of the securities in the United States. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the “U.S. Securities Act“) or any state securities laws and may not be offered or sold within the United States or to U.S. Persons unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available.
About Argo Living Soils Corp.
The Company is an agribusiness company specializing in producing and developing organic products including soil amendments, living soils, bio‐fertilizers, vermicompost, and compost tea kits formulated specifically for high value crops. The Company was founded in 2018 and its production facilities are located on Galiano Island, British Columbia.
For further information please contact:
Stephen Gerald Diakow
President and CEO
Argo Living Soils Corp.
The Canadian Securities Exchange has not reviewed this press release and does not accept responsibility for the adequacy or accuracy of this news release.
This press release contains certain forward-looking statements as well as historical information. Readers should not rely on information in this summary for any purpose other than for gaining general knowledge of the Company Forward-looking statements include, but are not limited to, the commencement of trading of the Company’s common shares on the CSE. The words “expected”, “will” and similar expressions are intended to be among the statements that identify forward-looking statements. Although the Company believes that its expectations as reflected in any forward-looking statements, are reasonable, such statements involve risks and uncertainties and no assurance can be given that actual results will be consistent with these forward-looking statements. Except as required by law, the Company undertakes no obligation to update these forward-looking statements in the event that management’s beliefs, estimates, opinions or other factors should change.
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