The augmented reality (AR) company plans to offer up to more than 2.3 million units, each containing a common share and one half of a share purchase warrant, at a price of C$6.50 per unit. Whole units entitle the holder to purchase an additional share at a price of C$8.
The net proceeds will be used for sales and marketing expenses, research and development, working capital, and general corporate purposes, according to a statement.
READ: NexTech AR doubles revenue, profit in preliminary 2Q results as demand surges for its InfernoAR video conferencing platform
The offering is being led by Mackie Research Capital Corporation as sole agent and sole bookrunner. The company has granted Mackie an option to cover over-allotments. At any time up to 30 days from the closing of the offering, the agent can increase the size of the offering by up to 15% of the number of units sold.
The closing of the offering is expected on or about the week of August 17, and is subject to certain conditions including, but not limited to the execution of an agency agreement and the receipt of all necessary regulatory approvals including the approval of the Canadian Securities Exchange.
NexTech, based in New York and Toronto, offers AR for e-commerce companies, InfernoAR virtual events, AR in Chat, AR University for education and “v-commerce,” an in-store virtual reality experience.
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