Nextech AR Announces $10 Million Bought-Deal Public Offering of Units

Nextech AR Solutions Corp, a leading provider of virtual and augmented reality (AR) experience technologies and services for eCommerce, education, conferences and events, is pleased to announce that it has entered into an agreement with Mackie Research Capital Corporation as the sole underwriter and sole bookrunner (the “Underwriter”), pursuant to which the Underwriter has agreed to purchase, on a bought-deal basis, 2,000,000 units of the Company (the “Units”) at a price of $5.00 per Unit for gross proceeds to the Company of $10,000,000 (the “Offering“).

Each Unit shall be comprised of one common share of the Company and one-half of one Common Share purchase warrant of the Company (each whole warrant, a “Warrant“). Each Warrant shall entitle the holder thereof to purchase one Common Share at an exercise price of $6.00 at any time up to 24 months from closing of the Offering, subject to an accelerated expiry if the volume-weighted average price of the Common Shares on the Neo Exchange Inc. (the “Exchange”) (or such other stock exchange where the majority of the trading volume occurs) exceeds $10.00 for 15 consecutive trading days. ‎At any time after such an occurrence, the Company may give written notice (via news release) ‎to the holders of the Warrants that the Warrants will expire on the ‎‎30th day following the giving of notice unless exercised by the holders prior to such date.

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The Company has granted the Underwriter an option (the “Over-Allotment Option”) to increase the size of the Offering by up to an additional number of Units, and/or the components thereof, that in aggregate would be equal to 15% of the total number of Units to be issued under the Offering, exercisable at any time and from time to time up to 30 days following the closing of the Offering.

The net proceeds from the Offering will be used for working capital and general corporate purposes.

The closing of the Offering is expected to occur on or about March 11, 2021 (the “Closing”), or such later or earlier date as the Underwriter and the Company may agree upon, and is subject to the Company receiving all necessary regulatory and stock exchange approvals, including the approval to list the Common Shares (including the Common Shares issuable upon exercise of the Warrants and compensation options) thereon.

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The Units will be offered by way of a short form prospectus to be filed in all provinces of Canada (except Quebec) pursuant to National Instrument 44-101 – Short Form Prospectus Distributions and may be offered in the United States on a private placement basis pursuant to an appropriate exemption from the registration requirements under applicable U.S. law.

This press release is not an offer to sell or the solicitation of an offer to buy the securities in the United States or in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to qualification or registration under the securities laws of such jurisdiction. The securities being offered have not been, nor will they be, registered under the United States Securities Act of 1933, as amended, and such securities may not be offered or sold within the United States or to, or for the account or benefit of, U.S. persons absent registration or an applicable exemption from U.S. registration requirements and applicable U.S. state securities laws.

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