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Nextech AR Solutions Corp
Symbol NTAR
Shares Issued 63,427,300
Close 2020-07-23 C$ 7.60
Recent Sedar Documents

Nextech AR files preliminary prospectus for units

2020-07-23 16:30 ET - News Release

Mr. Evan Gappelberg reports

NEXTECH AR ANNOUNCES PUBLIC OFFERING OF UNITS

Nextech AR Solutions Corp. has filed and been receipted for a preliminary short-form prospectus with the securities regulatory authorities in all of the provinces of Canada (except Quebec) in connection with a marketed public offering of units of the company. The offering is being led by Mackie Research Capital Corp. as sole agent and sole bookrunner.

Each unit shall be composed of one common share in the capital of the company and one-half of one common share purchase warrant of the company. Each warrant is exercisable into one common share at an exercise price to be determined in the context of the market.

The final pricing of each unit, the exercise price of each warrant and the term of each warrant will be determined in the context of the market prior to the filing of the final short-form prospectus in respect of the offering.

The company has granted the agent an option to cover overallotments and for market stabilization purposes, exercisable in whole or in part at the sole discretion of the agent, at any time up to 30 days from the closing of the offering, to increase the size of the offering by up to 15 per cent of the number of units (and/or the components thereof) sold pursuant to the offering, on the same terms and conditions of the offering.

The net proceeds raised under the offering will be used for sales and marketing expenses, research and development, working capital, and general corporate purposes.

The closing of the offering is currently expected to be on or about the week of Aug. 17, 2020, 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.

The company will use commercially reasonable efforts to list the common shares and the warrant shares on the exchange, subject to the company fulfilling all of the listing requirements of the exchange.

The units are to be sold on a best effort basis through the agent by way of a short-form prospectus to be filed in each of the provinces of Canada except Quebec and in such other jurisdictions outside of Canada and the United States on an exempt basis in accordance with applicable securities laws.

About Nextech AR Solutions Corp.

Nextech is one of the leaders in the rapidly growing augmented reality (AR) industry, estimated to hit $120-billion by 2022, according to Statista. Nextech, the first publicly traded pure play AR company, began trading on the exchange on Oct. 31, 2018. Nextech has a two-pronged strategy for rapid growth, including growth through acquisition of e-commerce businesses and growth of its omnichannel AR software-as-a-service platform called ARitize.

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