Nextech AR Solutions Corp has announced an agreement to raise gross proceeds of about C$5 million in a private placement financing with institutional investors.
The company said the net proceeds from the financing will be used for working capital and general corporate purposes, including strategic acquisitions.
Nextech will issue 3,030,304 of its common shares, at a price of C$1.65 per share, plus 1,515,152 common share purchase warrants, with each warrant entitling the holder to purchase one half of one common share at an exercise price of C$1.92 per whole common share for a period of three years following the issuance date.
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H.C. Wainwright & Co is acting as the exclusive placement agent for the private placement.
The financing is expected to close on or about November 3, 2021.
Nextech develops and operates AR platforms that transport 3D 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.
The company focuses on developing AR solutions, however, most of its revenues are derived from three e-Commerce platforms: vacuumcleanermarket.com (VCM), infinitepetlife.com (IPL) and Trulyfesupplements.com (Trulyfe). VCM and product sales of residential vacuums, supplies and parts, and small home appliances sold on Amazon.
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