Nextech AR Solutions Corp announced that it has closed its previously announced private placement with a single institutional investor for gross proceeds of around C$10 million.
The Vancouver-based metaverse company issued 8,130,082 shares and warrants to purchase up to an aggregate of 8,130,082 shares at a purchase price of C$1.23.
Each warrant is exercisable at C$1.54 for a period of three years following the issuance date.
READ: Nextech AR announces C$10M private placement with institutional investor
HC Wainwright & Co acted as the exclusive placement agent for the financing.
Nextech has paid a cash commission of C$800,000.07 and issued an aggregate of 650,407 broker warrants to the placement agent and its assignees, at an exercise price of $1.5375 for a period of three years following the issuance date.
Net proceeds will be used for working capital and general corporate purposes.
Nextech AR is a metaverse company that develops and operates augmented reality (AR) platforms, transporting three-dimensional (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.
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