Nextech3D.ai Announces Brokered Offering of Units for Up to $3 Million, With Participation by CEO

NOT FOR DISSEMINATION IN OR INTO THE UNITED STATES OR FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES

TORONTO, July 17, 2023 (GLOBE NEWSWIRE) -- Nextech3D.AI (the “Company”) (formerly known as “Nextech AR Solutions Corp”) (OTCQX: NEXCF) (CSE: NTAR) (FSE: EP2) is pleased to announce that it has entered into an agreement with Research Capital Corporation as the sole agent and sole bookrunner (the “Agent”) in connection with a marketed private placement offering (the “Offering”) of units of the Company (each, a “Unit”) at a price of $0.42 per Unit for aggregate gross proceeds of up to $3,000,000.

Each Unit shall be comprised of one common share of the Company (a “Common Share”) and one purchase warrant of the Company (a “Warrant”). Each Warrant shall entitle the holder thereof to purchase one Common Share at an exercise price of $0.52 for a period of 36 months from Closing (as defined herein).

The Company will grant the Agent an option (the “Agent’s Option”) to increase the size of the Offering by up to 15% of the number of Units by giving written notice of the exercise of the Agent’s Option, or a part thereof, to the Company at any time up to 48 hours prior to the Closing Date.

The Offering will be conducted pursuant to the amendments to National Instrument 45-106 – Prospectus Exemptions (“NI 45-106”) set forth in Part 5A thereof (the “Listed Issuer Financing Exemption”) to purchasers resident in Canada, except Québec. The Units offered under the Listed Issuer Financing Exemption will not be subject to resale restrictions pursuant to applicable Canadian securities laws. There is an offering document related to the Offering that can be accessed under the Company’s profile at www.sedar.com and on the Company’s website at https://www.nextechar.com/. Prospective investors should read this offering document before making an investment decision.

The net proceeds from the Offering will be used for working capital and general corporate purposes.

The Offering is anticipated to close on or about the week of July 24, 2023 (“Closing”), or such later date as the Company and the Agent may determine. The Closing is subject to certain conditions including, but not limited to, the receipt of all necessary regulatory and other approvals, including the approval of the Canadian Securities Exchange. Mr. Evan Gappelberg intends to participate in the Offering, which will be completed pursuant to available related party exemptions under Multilateral Instrument 61-101 – Protection of Minority Shareholders in Special Transactions.