VANCOUVER, BC, Oct. 21,
2022 /CNW/ - ("NexOptic") (TSXV: NXO) (OTCQB:
NXOPF) (FSE: E3O1) announces that it intends to raise, on a
non-brokered basis, aggregate gross proceeds of up to $3,220,000 through the issuance up to 57,250,000
units (each a "Unit") at a price of $0.05625 per Unit (the "Financing"). Each Unit
will comprise one common share and one share purchase warrant. Each
whole warrant (a "Warrant") will entitle the holder to acquire an
additional common share at a price of $0.12 per share for a period of 2
years.
Directors and officers of the Company may acquire Units in the
Financing, which participation would be considered to be a "related
party transaction" as defined under Multilateral Instrument 61-101
("MI 61-101"). Such participation is expected to be exempt from the
formal valuation and minority shareholder approval requirements of
MI 61-101.
The Company reserves the right to increase the number of Units
issued pursuant to the Financing to up to 75,000,000 Units for up
to total gross proceeds of $4,220,000.
Use of Proceeds
Net proceeds from this offering will be used to fund ongoing
commercialization of NexOptic's Aliis™ suite of artificial
intelligence technologies and software solutions for sophisticated
ESG applications and image and video correction capabilities
designed to impact a multitude of industries. In addition, net
proceeds will be applied to further build patent protections for
NexOptic's technologies as well as for general working capital for
NexOptic and its wholly owned Korean subsidiary, NexOptic Asia
Corp.
The Warrants are subject to accelerated exercise provisions such
that if the closing price of the Company's common shares exceeds
$0.25 per share for a period of 10
consecutive trading days, the Company may, at its discretion give
notice of the acceleration of the warrants' term to a period of 30
days following such notice.
Finder's fees may be paid to registered dealers or other
qualified parties in connection with the Financing in accordance
with the policies of the TSX Venture Exchange. The proceeds of
the
This press release does not constitute an offer to sell or a
solicitation of an offer to buy any of the securities in
the United States. The securities
have not been and will not be registered under the United States
Securities Act of 1933, as amended (the "U.S. Securities Act"), or
any state securities laws and may not be offered or sold within
the United States or to or for the
account or benefit of a U.S. person (as defined in Regulation S
under the U.S. Securities Act) unless registered under the U.S.
Securities Act and applicable state securities laws or an exemption
from such registration is available.
The Financing remains subject to the approval of the TSX Venture
Exchange.
What You Need to Know About
NexOptic
NexOptic is an innovative imaging AI company headquartered in
Vancouver, Canada with operations
in Seoul, South Korea, offering
world-leading patented and patent pending AI solutions for imaging
known as ALIIS™ (All Light Intelligent Imaging Solutions). NexOptic
simultaneously influences the imaging and AI industries and is a
Preferred Partner in the NVIDIA Partner Network, a member of the
Arm® AI Partner Program, and a member of the Qualcomm® Platform
Solutions Ecosystem. For more information, visit
www.nexoptic.com
Forward-Looking Statements
This news release contains forward-looking statements and
forward-looking information (together, "forward-looking
statements") within the meaning of applicable securities laws. All
statements, other than statements of historical facts, are
forward-looking statements. Generally, forward-looking statements
can be identified by the use of terminology such as "plans,"
"expects," "estimates," "intends," "anticipates," "believes" or
variations of such words, or statements that certain actions,
events or results "may," "could," "would," "might," "will be
taken," "occur," or "be achieved." Forward-looking statements in
this news release include, without limitation, the Company's
expectations concerning the size of the Financing, its ability to
close the Financing in whole or in part or at all and its plan for
the proceeds of the Financing. Forward-looking statements involve
risks, uncertainties and other factors disclosed under the heading
"Risk Factors" and elsewhere in NexOptic's filings with Canadian
securities regulators, that could cause actual results,
performance, prospects and opportunities to differ materially from
those expressed or implied by such forward-looking statements.
Although NexOptic believes that the assumptions and factors used in
preparing these forward-looking statements are reasonable based
upon the information currently available to management as of the
date hereof, actual results and developments may differ materially
from those contemplated by these statements. Readers are therefore
cautioned not to place undue reliance on these statements, which
only apply as of the date of this news release, and no assurance
can be given that such events will occur in the disclosed times
frames or at all. Except where required by applicable law, the
Company disclaims any intention or obligation to update or revise
any forward-looking statement, whether because of new information,
future events or otherwise.
Neither the TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in the policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or
accuracy of this news release.
SOURCE NexOptic Technology Corp.