ImagineAR Inc (CSE:IP) (OTCMKTS:IPNFF), an augmented reality company that enables sports teams, businesses, retailers and organizations to instantly create their own AR mobile campaigns, said it has received more than $1.5 million from the exercise of warrants.
The Vancouver-based company pointed out that that the proceeds will provide the financial resources necessary to fund growth and operations for a minimum of 12 months, assuming it were not able to generate any further revenue from business operations.
However, ImagineAR said it expects meaningful revenue from its current and anticipated sales pipeline over the next 12 months, and it also expects to receive additional proceeds from further warrant exercises.
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The company so far in 2020 has raised total financing proceeds of about $3 million.
As a result, ImagineAR said it is confident it now has the war chest necessary to pursue all anticipated business opportunities as the demand for its AR solutions continues to grow on a weekly basis.
“Today’s announcement significantly bolsters our financial strength and resources necessary to execute our business plan without any further fundraising required at this time,” ImagineAR CEO Alen Paul Silverrstieen said in a statement.
“Taking into account the $1.5 million raised by way of oversubscribed convertible debenture on February 26, the continued support and confidence of our valued shareholders is deeply appreciated as we aggressively pursue our growth strategy to become the leading augmented reality platform in 2020 and beyond," he added.
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