Nextech3D.AI (CSE:NTAR, OTCQX:NEXCF) told investors it has closed the first tranche of its previously announced private placement to raise $475,000 by issuing 4,750,000 units at $0.10.
Each unit is comprised of a share and a share purchase warrant entitling the holder to acquire an additional share for $0.15 for two years from the date of issue.
If the daily volume weighted average of its shares on the Canadian Securities Exchange exceeds $0.30 for 10 consecutive days the company may accelerate the expiry rate of the warrants.
Proceeds of the offering will be used for working capital and general corporate purposes.
Nextech3D.AI (CSE:NTAR, OTCQX:NEXCF) is a diversified augmented reality company that leverages its proprietary AI to create 3D experiences for the metaverse. Its main business is creating 3D models for online retailers including Amazon.