Mr. Praveen Arichandran reports

ARGO CLOSES $10 MILLION STRATEGIC INVESTMENT

Argo Corp. has closed a non-brokered private placement with long-term institutional investors, including a pension fund, for gross proceeds of approximately $10-million.

The company intends to use the proceeds from the private placement to expand its Smart Routing transit network, finance research and development, and for working capital and general corporate purposes.

"This investment gives us the capital to execute our expansion plans in Canada and pursue opportunities in the United States and internationally through our capital-efficient scaling model," said Praveen Arichandran, co-founder and chief executive officer of Argo. "It also brings on board long-term institutional shareholders who share our conviction in Argo's opportunity to transform public transit and intend to support the company as it grows."

Under the private placement, the company issued 33,333,334 common shares at a price of 30 cents per common share for aggregate gross proceeds of $10,000,000.20. The securities issued pursuant to the private placement are subject to a statutory hold period expiring Nov. 25, 2026, in accordance with applicable securities laws. The private placement remains subject to final acceptance by the TSX Venture Exchange.

No finders' fees or commissions were paid in connection with the private placement.

About Argo Corp.

Argo delivers the first-ever vertically and publicly integrated city transit system, designed to augment public transportation and create a network of intelligently routed vehicles that work together to serve and scale to the needs of entire cities, putting people in control of their mobility.

We seek Safe Harbor.