NexTech AR Solutions (NTAR-Cse) Closes Cdn$5 Million PP with Institutional Investors
Nov 3rd 2021 - NR
NexTech AR Solutions a diversified leading provider of augmented reality (“AR”) experience technologies is pleased to announce that it has closed its previously announced private placement of its common shares (“Common Shares”) and warrants to purchase Common Shares (“Warrants”) with institutional investors for gross proceeds of approximately CAD $5 million (the “Private Placement”). Pursuant to the Private Placement, 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.
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.
NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES
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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. |
