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NexTech AR Solutions wraps up C$1.6M private placement

The capital raise consists of $264,339 worth of stock units, $985,500 in convertible debentures and a previously announced first tranche of $339,600 of units

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NexTech plans to use the funds to expand its sales team, pursue mergers and acquisitions, and for general capital purposes

NexTech AR Solutions Corp (OTC:NEXCF) (CSE:NTAR), the augmented reality technology company, announced Friday that its near C$1.6 million, management-led private placement has officially closed, with by far the biggest single investor being CEO Evan Gappelberg, who ponied up $867,000.

The capital raise consists of $264,339 worth of stock units, $985,500 in convertible debentures and a previously announced first tranche of $339,600 of units.

The New York and Toronto-based company plans to use the funds to expand its sales team, pursue mergers and acquisitions and for general capital purposes.

READ: NexTech is bringing augmented reality to online furniture shopping

Each unit consists of one share of stock and one half of a transferable share warrant. A warrant is worth one new share at a price of $0.70.

Shares in the company closed at $0.58 on the CSE on Thursday.

NexTech’s signature product is ARitize, a three-pronged AR platform that 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.

The e-commerce and education offering launched earlier this year, and the firm's studio is expected to get off the ground in the fourth quarter.

Contact Andrew Kessel at [email protected]

Follow him on Twitter @andrew_kessel

Quick facts: Nextech AR Solutions Corp.

Price: 1.6 CAD

CSE:NTAR
Market: CSE
Market Cap: $90.09 m
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