The leading provider of virtual and augmented reality (AR) experience technologies, Nextech AR Solutions Corp., announced that it has signed an agreement with Mackie Research Capital Corporation as the sole underwriter and sole bookrunner for the company.

As per the agreement, the Underwriter has agreed to purchase, on a bought-deal basis, 2,000,000 units of the Company (the “Units”) at a price of $5.00 per Unit for gross proceeds to the Company of $10,000,000 (the “Offering”).

Each Unit represents one common share of the Company and one-half of one Common Share purchase warrant of the Company. The Warrant entitles the holder to buy one Common Share at an exercise price of $6.00 during a period of up to 24 months from the closing of the Offering. 

This entitlement is subject to an accelerated expiry if the volume-weighted average price of the Common Shares on the Neo Exchange Inc. or any other stock exchange where the majority of the trading volume occurs goes beyond $10.00 for 15 consecutive trading days.

In the event of such an occurrence, the Company has the right to give written notice via a news release to the holders of the Warrants stating that the Warrants will expire on the ‎‎30th day following the date of the notice unless exercised by the holders before the said day.

The company has accorded the Underwriter an option (the “Over-Allotment Option”) to augment the size of the Offering by up to an additional number of Units which in aggregate would be equal to 15% of the total number of units to be issued under the Offering. This option will be exercisable at any time and from time to time up to 30 days following the closing of the Offering.

The funds raised through this medium will be put towards working capital and general corporate purposes.

Follow us on LinkedIn

Read other Articles