|NexOptic Closes Private Placement June 17, 2019|
Vancouver, Canada – June 17, 2019 NexOptic Technology Corp. ("NexOptic" or the "Company") (TSX VENTURE: NXO) (OTCQX: NXOPF) (FRANKFURT: E3O1) announces the closing of its non-brokered private placement (the "Placement") previously announced on June 12, 2019. The Placement consists of an aggregate of 7,531,449 Units generating gross proceeds of $3,087,894.50 closed in two tranches on June 14, 2019 and June 17, 2019.
Net proceeds are being used to manufacture and market DoubleTake™, to advance and commercialize the Company's artificial intelligence offerings (ALLIS™), and to advance and commercialize NexOptic's lenses for smartphones, and for general working capital.
The Unit comprised one common share of the Company plus one share purchase 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 from issuance, 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.
Finder's fees of 7% cash (or shares at the offering price) and 7% broker warrants (having the same terms as those issued in the Placement) were paid on some portions of the Placement to Canaccord Genuity Corp., PI Financial Corp., Haywood Securities Inc., and Mackie Research Capital Corp. totalling $76,885.87 in cash, $52,836.70 paid through the issuance of 128,870 shares plus an aggregate of 316,397broker warrants.
All securities distributed pursuant to the Offering will be subject to a statutory hold period ending on October 15,2019 or October 18, 2019, as the case may be. A portion of the Placement was completed pursuant to Multilateral CSA Notice 45-318.
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 preparing to launch DoubleTake, its multi-award winning, reimagined binoculars designed 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 to commercialize its ground-breaking artificial intelligence ("AI") for imaging as well as exploring opportunities for its innovative mobile lens designs. Utilizing Blade Optics™, the Company's developing suite of optical technologies that now includes AI, NexOptic can increase aperture sizes within given depth constraints of various imaging applications to improve diffraction-limits and resolution. NexOptic's AI drastically reduces image noise and motion blur common in poor lighting environments. Besides 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