NexTech AR Solutions $1.6 million capital raise to include a portion of 9% convertible debentures
NexTech AR Solutions Corp (CSE:NTAR) (OTCMKTS:NEXCF), an augmented-reality technology company, announced that a portion of its C$1.6 million capital raise will consist of 9% convertible debentures.
The debentures, a form of long-term debt, can be converted into stock at a price of $0.60. The company will issue bonus warrants to subscribers of the debentures at a price of $0.70 per share, which expire in two years.
The company’s stock was flat at $0.64 midday Monday.
READ: Augmented-reality developer NexTech AR Solutions raises nearly $1.6M in management-led round of financing
More than half of the money raised came from NexTech management: CEO Evan Gappelberg invested $857,000, COO Reuben Tozman $30,000 and President Paul Duffy $7,000, according to a statement.
It plans to use the proceeds to hire additional sales people, pursue merger and acquisition opportunities, and for general working capital purposes.
NexTech’s ARitize platform offers web-enabled e-commerce that lets customers shop in 3D, a workplace education program that gives business new training options and a Studios product that allows people to create holographic versions of themselves.
On Friday, the stock closed at $0.64.
Contact Andrew Kessel at [email protected]
Follow him on Twitter @andrew_kessel
Story by ProactiveInvestors
Source: https://www.proactiveinvestors.com/companies/news/223919/nextech-ar-solutions-16-million-capital-raise-to-include-a-portion-of-9-convertible-debentures-223919.html
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