ImagineAR announces $700,000 private placement financing

ImagineAR Inc. (CSE: IP) (OTCQB: IPNFF) announced a non-brokered private placement offering of up to 23,333,333 units at $0.03 per unit for gross proceeds of up to $700,000.

Each unit consists of one common share and one non-transferable warrant. The warrants allow holders to purchase additional common shares at $0.05 per share for 36 months from the closing date. Securities issued will have a four-month-and-one-day hold period under Canadian securities laws.

The Vancouver-based augmented reality company plans to use net proceeds for general working capital, operations, legal expenses, and sales and marketing activities. The offering requires regulatory approvals, including approval from the Canadian Securities Exchange.

ImagineAR operates an AR-as-a-Service platform that enables organizations to create augmented reality campaigns without programming experience. The platform allows users to point mobile devices at logos, signs, and products to access interactive content including videos, advertisements, and 3D holograms.

The securities have not been registered under the Securities Act of 1933 and cannot be offered or sold in the United States without registration or an applicable exemption. The company noted that completion of the offering remains subject to necessary regulatory approvals.

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