NexTech AR Solutions Corp (OTC:NEXCF) (CSE:NTAR), the augmented reality technology company, announced Friday that its near C$1.6 million, management-led private placement has officially closed, with by far the biggest single investor being CEO Evan Gappelberg, who ponied up $867,000.
The capital raise consists of $264,339 worth of stock units, $985,500 in convertible debentures and a previously announced first tranche of $339,600 of units.
The New York and Toronto-based company plans to use the funds to expand its sales team, pursue mergers and acquisitions and for general capital purposes.
Each unit consists of one share of stock and one half of a transferable share warrant. A warrant is worth one new share at a price of $0.70.
Shares in the company closed at $0.58 on the CSE on Thursday.
NexTech’s signature product is ARitize, a three-pronged AR platform that offers web-enabled e-commerce that lets customers shop in 3D, a workplace education program that gives business new training options and a studios product that allows people to create holographic versions of themselves.
The e-commerce and education offering launched earlier this year, and the firm's studio is expected to get off the ground in the fourth quarter.
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