Nextech AR Solutions (CSE: NTAR) last night announced that it will be conducting a bought deal lead by that of Mackie Research. The financing will see the company raise gross proceeds of $10.0 million.
Under the terms of the financing, units of the company will be sold at a price of $5.00 each, with each unit consisting of one common share and one half of a common share purchase warrant. Each warrant is valid for a period two years from the date of issuance, and contains an exercise price of $6.00 per share.
Warrants offered under the financing are also subject to an acceleration clause, whereby the company can accelerate the expiry in the event that the equity trades above $10.00 for 15 consecutive trading days on a volume weighted basis. An over-allotment option has also been granted by the company, which is valid for a period of 30 days from the closing of the offering.
Net proceeds from the offering are to be used for working capital and general corporate purposes.
The financing is currently slated to close March 11, 2021.
Nextech AR Solutions last traded at $5.66 on the CSE.
Information for this briefing was found via Sedar and Nextech AR. The author has no securities or affiliations related to this organization. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.
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