|NexOptic Announces Private Placement June 12, 2019|
Vancouver, Canada – June 12 , 2019 NexOptic Technology Corp. ("NexOptic" or the "Company") (TSX VENTURE: NXO) (OTCQX: NXOPF) (FRANKFURT: E3O1) announces a non-brokered private placement (the "Offering"), generating aggregate gross proceeds of approximately $2,950,000, through the issuance of approximately 7,190,000 units (each a "Unit") at $0.41 per Unit.
Each Unit entitles the holder to receive one common share of the Company (each a "Common Share") plus one share purchase warrant (each a "Warrant"), entitling the holder to acquire one common share of the Company at an exercise price of $0.60 per share for a period of 18 months, subject to accelerated expiry provisions whereby in the event the closing price of the Company's common shares exceeds $1.00 per share for a period of 10 consecutive trading days, at the Company's election, the 18-month period within which the Warrants are exercisable will be reduced and the holders of the Warrants will be entitled to exercise their Warrants for a period of 30 days, commencing on the day the Company provides notice of same.
The Company intends to pay cash commission of up to 7.0% of gross proceeds and issue broker warrants equal in number to up to 7.0% of the number of Units sold, payable to registrants. Each broker warrant shall have the same terms as the Warrants.
The Company also intends to complete a portion of the Offering pursuant to Multilateral CSA Notice 45-318 Prospectus Exemption for Certain Distributions through an Investment Dealer ("CSA 45-318") and the corresponding instruments, orders, and rules implementing CSA 45-318 in the participating jurisdictions (collectively with CSA 45-318, the "Investment Dealer Exemption"). In addition to conducting the Offering pursuant to the Investment Dealer Exemption, the Company will also accept subscriptions for Units where other prospectus exemptions are available.
In accordance with the Investment Dealer Exemption, the Company advises that, as of the date hereof, there is no material fact or material change in respect of the Company that has not been generally disclosed. Additionally, the Company advises that there is no minimum number of Units being offered pursuant to the Offering.
Net proceeds of this Offering will be used to fund the continuation of the manufacturing initiatives of DoubleTake™ (40%), the advancement and commercialization of the Company's artificial intelligence offerings (ALLIS™) (30%), and the advancement and commercialization initiatives of NexOptic's lenses for smartphones (30%) and for general working capital.
All securities distributed pursuant to the Offering will be subject to a statutory hold period of four months and a day from the date of issuance. Closing of the Offering is subject to receipt of all necessary regulatory approvals, including the approval of the TSX Venture Exchange.
About NexOptic Technology Corp.
NexOptic is an innovative optical development company, which aims to enhance the way we view the world around us. The Company is readying to launch its reimagined binoculars, the multi-award winning DoubleTake, its first consumer product engineered to disrupt the growing outdoor recreation market. DoubleTake utilizes NexOptic's high magnification lenses for a state-of-the-art digital experience. NexOptic is also working on commercializing its ground breaking artificial intelligence ("AI") for imaging as well as exploring opportunities for the Company's innovative mobile lens designs. Utilizing Blade Optics, the Company's developing suite of optical technologies which now includes AI, NexOptic can increase aperture sizes within given depth constraints of various imaging applications for improvements to diffraction-limit and increased resolution. NexOptic's AI drastically reduces image noise and motion blur common in poor lighting imaging environments. In addition to enhancing image quality, NexOptic's AI can be used to improve long- range image stabilization and image capture in otherwise difficult lighting conditions.
Blade Optics refers to NexOptic's lens designs, algorithms, and mechanics, which vary from patented to patent-pending, and includes all the Company's intellectual property and know-how. More information is available at www.nexoptic.com.
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TSX-V: NXO OTCQX: NXOPF Frankfurt: E3O1