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NexTech completes $1.2 million private placement, gears up for growth phase

NexTech plans to use the funds to hire new sales staff and advance its AR Studio offerings

AR Nike shoe
The augmented reality company sold almost 2 million units for $0.60 apiece

NexTech AR Solutions Corp (CSE:NTAR) (OTCMKTS:NEXCF) is fully funded for its ‘hypergrowth’ phase, the company announced Monday, after completing a nearly US$1.2 million private placement. 

The augmented reality company sold almost 2 million units for $0.60 apiece, which consist of one share of stock and one half of a share purchase warrant. A whole warrant is good for one share at a price of $0.75.

On Friday, the company’s shares closed at $0.56 on the OTC Markets.

READ: NexTech AR to build 3D virtual product demo of an air purifier for cannabis growers

NexTech plans to use the funds to hire new sales staff and advance its AR Studio offerings as it continues to grow, and management led the way. CEO Evan Gappelberg and President Paul Duffy got in on the offering to the tune of 277,916 units for $136,750.

“I am very pleased to be able to raise these additional funds as it allows NexTech to continue hiring additional talented, experienced and dedicated team members which will support us through this next phase of rapid growth,” Gappelberg said in a statement.

The latest round of new capital adds to the previous management-led roughly $1.6 million private placement on June 19, of which Gappelberg invested $867,000. With the new funds in tow, NexTech is now fully funded for hypergrowth, the company said.

The company also granted Gappelberg and Duffy 125,000 stock options that exercise at C$0.75.

Shares of NexTech slipped 4.1% to C$0.70 on Bay Street and 5.4% to US$0.53 in New York.

Contact Andrew Kessel at [email protected] 

Follow him on Twitter @Andrew_Kessel

Quick facts: NexTech AR Solutions Corp

Price: 1.87 CAD

CSE:NTAR
Market: CSE
Market Cap: $105.3 m
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