ImagineAR Inc announced that it has completed a non-brokered private placement financing, raising gross proceeds of $425,875 by issuing 12,905,315 company units at a price of $0.033 per unit.
The Augmented Reality (AR) company said it intends to use the net proceeds from the proposed private placement to enhance its SDK technology, sales, and marketing support, and develop AI integration proof of concept immersive AR activations.
Each unit was comprised of one ImagineAR common share plus one non-transferable common share purchase warrant, with each warrant entitling the holder to purchase one additional company common share at a price of $0.05 for a period of 36 months from the closing of the offering.
All securities issued pursuant to the private placement will be subject to a hold period of four months and one day from the date of issuance.
As well, ImagineAR said it is launching a new release of the ‘Drop-In’ Native SDK (Software Development Kit) integration for IOS and Android mobile apps.
“This significant SDK release makes it faster and economical for clients and partners to integrate our AR platform directly into their mobile app with reduced technical resources and timeframe,” ImagineAR CEO Alen Paul Silverrstieen said in a statement.
The company noted that the SDK release, currently scheduled for summer launch with the NFL Baltimore Ravens, will feature many new features/functions and an enhanced AR Scavenger Hunt.
ImagineAR added that it has postponed the ImagineAR SDK Flutter integration for the Hungarian Soccer Champion Ferencvárosi Torna proof of concept, saying that technical resources have been allocated to complete the new ‘Drop-in’ SDK to achieve the June deadline.
ImagineAR is an augmented reality (AR) platform that enables sports teams and businesses of any size to create and implement dynamic mobile AR campaigns with no programming or technology experience. The AR Enterprise platform supports both IOS and Android mobile devices and upcoming wearable technologies.
Contact Sean at sean@proactiveinvestors.com