Visit StickyLock

Nextech AR Solutions announced intentions to launch ARitize Maps for CSE listing

Augmented Reality Sofa

Based on whether completion is reached,  Nextech will be the owner of about 65 percent of the firm. Shareholders of the AR developer will get 20 percent of the spin-off company pro-rata either as a capital return or a dividend. The rest of the shares will be acquired by several business associates of Nextech on a service for shares exchange model.

Nextech AR Solutions Corp. intends to extend the ARitize Maps offering and other components into what can be termed as a ‘Subco.’ The company also wants to apply for a listing of the new division on the CSE (Canadian Securities Exchange).

In a comment, Nextech CEO Evan Gappelberg remarked that these positive changes to the company’s launch and expansion infrastructure can lead to lower dilution to Nextech. He also emphasised that such a development will enable stakeholders to access more dividend shares of the new expansion.

According to Gappelberg, Based on an earlier report, the company had estimated 1.6 million minimum dividend shares within the scope of the PC 1 (Corp) deal. But, with the CSE direct listing of the entity, it now has a figure almost double the initial estimate in consideration as far as how many shares it can offer to shareholders as pro-rata capital return or dividend.

He elaborated further, saying that the ARitize Maps spin-off, as well as the prospect of further ones in the future, have the potential to unlock the true value of Nextech’s innovation. It has been making considerable progress in terms of development in the past few years. He emphasised that the narrowly targeted spin-off firms can draw a greater number of funders to eventually catapult the shareholder potential of Nextech to new heights.

In conformity with the provisions, Subco would conduct a private offering of at least 6,000,000 subscriber invoices, with each priced at C$0.25 to fund a minimal amount of C$1,500,000. The sum may be used for the advancement and distribution of ARitize Maps and broader corporate purposes, according to Nextech.

Upon fulfilment or release of all requirements prior to the transaction and additional supplementary criteria, each subscription receipt will automatically convert into units at no further expense and with no additional activity by the owner. Every block will eventually include one Subco stock and one share purchase warrant. Each of the latter can be redeemed with one extra Subco share at a C$0.50 principal amount for 3 years from the date of issue.

The net revenues of the private placement will be kept in escrow until the arrangement’s conditions precedent are met, at which point the units accompanying the subscription receipts will be released to the buyers and the gross profits will be transferred to the Subco.

ARitize is already among the leading augmented reality applications for smart device users and offers a lot of features for them. Further developments are expected regarding its spin-out in the near future.

Join the Discussion

Visit StickyLock
Back to top