leadf
logo-loader
viewImagineAR Inc.

ImagineAR banks $1.5 million from warrant exercise to help fund growth and operations over next 12 months

The Vancouver-based company in 2020 has raised total financing proceeds of about $3 million, fortifying its "war chest" to pursue all anticipated business opportunities

ImagineAR Inc. - ImagineAR Inc receives more than $1.5 million from the exercise of warrants to help fund operations over next 12 months
ImagineAR said it expects to receive additional proceeds from further warrant exercises

ImagineAR Inc (CSE:IP) (OTCMKTS:IPNFF), an augmented reality company that enables sports teams, businesses, retailers and organizations to instantly create their own AR mobile campaigns, said it has received more than $1.5 million from the exercise of warrants.

The Vancouver-based company pointed out that that the proceeds will provide the financial resources necessary to fund growth and operations for a minimum of 12 months, assuming it were not able to generate any further revenue from business operations.

However, ImagineAR said it expects meaningful revenue from its current and anticipated sales pipeline over the next 12 months, and it also expects to receive additional proceeds from further warrant exercises.

READ: ImagineAR teams up with Engage Nation to bring augmented reality content to an increasingly remote casino industry

The company so far in 2020 has raised total financing proceeds of about $3 million. 

As a result, ImagineAR said it is confident it now has the war chest necessary to pursue all anticipated business opportunities as the demand for its AR solutions continues to grow on a weekly basis.

“Today’s announcement significantly bolsters our financial strength and resources necessary to execute our business plan without any further fundraising required at this time,” ImagineAR CEO Alen Paul Silverrstieen said in a statement.

“Taking into account the $1.5 million raised by way of oversubscribed convertible debenture on February 26, the continued support and confidence of our valued shareholders is deeply appreciated as we aggressively pursue our growth strategy to become the leading augmented reality platform in 2020 and beyond," he added.

Contact the author: patrick@proactiveinvestors.com

Follow him on Twitter @PatrickMGraham

Quick facts: ImagineAR Inc.

Price: 0.2 CAD

CSE:IP
Market: CSE
Market Cap: $23.51 m
Follow

Add related topics to MyProactive

Create your account: sign up and get ahead on news and events

NO INVESTMENT ADVICE

The Company is a publisher. You understand and agree that no content published on the Site constitutes a recommendation that any particular security, portfolio of securities, transaction, or investment strategy is...

In exchange for publishing services rendered by the Company on behalf of ImagineAR Inc. named herein, including the promotion by the Company of ImagineAR Inc. in any Content on the Site, the Company receives from...

FOR OUR FULL DISCLAIMER CLICK HERE

ImagineAR signs two year deal with Valencia FC to bring Augmented Reality to...

ImagineAR (CSE: IP-OTCQB: IPNFF) CEO Alen Paul Silverrstieen and Valencia Chief Digital Innovation Officer Franco Segarra joined Steve Darling from Proactive to bring news the company has signed a two-year partnership agreement with Valencia FC, one of the biggest soccer clubs in the world and...

3 weeks, 4 days ago

2 min read