Nextech3D.AI (CSE:NTAR, OTCQX:NEXCF) said it has entered into an agreement with Research Capital Corporation for a marketed private placement offering of units at a price of $0.42 each for aggregate gross proceeds of up to $3 million.
The company said Evan Gappelberg, its CEO, intends to participate in the offering,
Net proceeds from the offering will be used for working capital and general corporate purposes, it added.
Each unit in the offering will be comprised of one common share of the company and one purchase warrant. Each warrant shall entitle the holder to purchase one common share at an exercise price of $0.52 for a period of 36 months from closing.
The company will grant the agent an option to increase the size of the offering by up to 15% of the number of units.
The offering is anticipated to close on or about the week of July 24, 2023.
Nextech3D.ai is a diversified augmented reality, AI technology company that leverages proprietary artificial intelligence (AI) to create 3D experiences for the metaverse. Its main businesses are creating 3D WebAR photorealistic models for the Prime Ecommerce Marketplace as well as many other online retailers.
The company develops or acquires what it believes are disruptive technologies and once commercialized, spins them out as stand-alone public companies issuing a stock dividend to shareholders while retaining a significant ownership stake in the public spin-out.
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