Nextech3D.AI ( CSE:NTAR , OTCQX:NEXCF , FRA:1SS ) has proposed a private placement of up to $720,000, with CEO Evan Gappelberg and CFO Anum Waqas expected to invest approximately $350,000 combined.
The AI-focused technology company said it plans to issue up to 12 million units at $0.06 each, with proceeds intended to support its strategic initiatives and growth plans.
"Management's participation in this financing reflects our continued commitment to Nextech3D.AI ( CSE:NTAR , OTCQX:NEXCF ) and its long-term growth," Gappelberg said.
The company remains focused on executing its strategy across its AI and event technology businesses and expanding its market presence, he added. "We believe the proposed financing will provide additional capital to support our strategic initiatives and next phase of growth."
Each unit will consist of one common share and one common share purchase warrant. Each warrant will entitle the holder to purchase one additional common share at $0.07 for three years following the closing of the offering.
Nextech3D.ai may accelerate the warrants' expiry if its common shares trade at or above $0.15 on the Canadian Securities Exchange for 10 consecutive trading days, beginning four months and one day after closing.
If that threshold is met, the warrants would expire 30 days after the company issues a press release announcing the accelerated expiry date.
The proposed private placement is expected to close on or about November 15.
