Today's News |
Nextech AR Closes CAD $5 Million Private Placement Financing with Institutional Investors
Tuesday, November 9, 2021Company Profile | Follow Company
Vancouver, BC, November 9, 2021--(T-Net)--Nextech AR Solutions Corp. (OTCQB: NEXCF, CSE: NTAR), a provider of augmented reality experience technologies announced that it has closed its private placement of its common shares and warrants to purchase Common Shares with institutional investors for gross proceeds of approximately CAD $5 million.
The Company issued 3,030,304 Common Shares and Warrants to purchase up to an aggregate of 1,515,152 Common Shares at a purchase price of CAD $1.65 per Common Share and associated one-half of one Warrant. Each whole Warrant entitles the holder to purchase one Common Share at an exercise price of CAD $1.92 for a period of three years following the issuance date.
H.C. Wainwright & Co. acted as the exclusive placement agent for the Private Placement. The Company has paid an aggregate cash commission of CAD $400,000 and issued an aggregate of 242,424 broker warrants to the placement agent and its assignees, each entitling the holder to acquire one Common Share at an exercise price of CAD$2.0625 for a period of three years following the issuance date.
The net proceeds of the Private Placement will be used by the Company for working capital and general corporate purposes, including, without limitation, acquisitions of assets used in the Company's business and strategic transactions and/or acquisitions. No securities were offered or sold to Canadian residents in connection with the Private Placement.
About Nextech AR
Nextech develops and operates AR platforms that transports three-dimensional product visualizations, human holograms and 360° portals to its audiences altering e-commerce, digital advertising, hybrid virtual events (events held in a digital format blended with in-person attendance) and learning and training experiences. Nextech focuses on developing AR solutions however most of the Company's revenues are derived from three e-Commerce platforms: vacuumcleanermarket.com ("VCM"), infinitepetlife.com and Trulyfesupplements.com. VCM and product sales of residential vacuums, supplies and parts, and small home appliances which are sold on Amazon.
This news release shall not constitute an offer to sell or the solicitation of an offer to buy any securities, nor shall there be any sale of the securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction. The securities referred in this news release have not been, nor will they be, registered under the United States Securities Act of 1933, as amended, (the "U.S. Securities Act"), or any U.S. state securities laws, and such securities may not be offered or sold within the United States or to any U.S. person absent registration under U.S. federal and state securities laws or an applicable exemption from such U.S. registration requirements. "United States" and "U.S. person" have the respective meanings ascribed to them in Regulation S under the U.S. Securities Act.
Forward-looking Statements
Forward-looking information contained herein may include but is not limited to, references to any future acquisitions and the timing thereof and the use of proceeds of the Private Placement. Factors that could cause actual results to differ materially from such forward-looking information include, but are not limited to, general market conditions, availability of financing, regulatory approvals and the results of the Company's operations. Forward-looking information is not a guarantee of future performance and involve risks, uncertainties and assumptions which are difficult to predict. Accordingly, readers should not place undue reliance on forward-looking information, which are qualified in their entirety by this cautionary statement. The Company does not undertake any obligation to release publicly any revisions for updating any voluntary forward-looking information, except as required by applicable securities law. |
Company Snapshot |
||
Nextech3D.ai (formerly Nextech AR Solutions Corp)
Vancouver (Other Tech Sectors)
|
Other Recent Company News |
|||||||||||||||||||
|