ImagineAR closes first portion of $700,000 private placement

ImagineAR Inc. (CSE: IP) completed the first tranche of its previously announced $700,000 non-brokered private placement, raising $350,013.37 through the issuance of 11,667,112 units at $0.03 per unit.

Each unit consists of one common share and one warrant. The warrants allow holders to purchase additional common shares at $0.05 each for 36 months from the offering's closing date. All securities issued carry a four-month-plus-one-day hold period under Canadian securities laws.

The Vancouver-based augmented reality company plans to use proceeds for general working capital, operations, legal expenses, and sales and marketing activities. Completion of the full offering requires regulatory approvals, including 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 company's mobile application is available on iOS and Android app stores. The platform includes real-time analytics tracking and can be integrated as a software development kit.

The securities have not been registered under the Securities Act of 1933 and may not be offered or sold in the United States without registration or an applicable exemption.

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