Future Farm previously announced that it was planning to spin off its interests in augmented reality (AR) into a new company, titled Nextech AR Solutions. It has now been revealed that it has closed a Private Placement in preparation for its CSE listing.
The Private Placement was oversubscribed and closed on $2,700,000 (CDN). Nextech are planning to issues 12,000,000 new shares to Future Farm, the majority of which will be issued pro rata to Future Farm shareholders. In expectation of the continued growth of the AR market, Future Farm expects Nextech to begin trading from sometime in June 2018.
“We believe that to maximize shareholder value, spinning off this asset is in the best interest of our shareholders,” comments William Gildea, CEO of Future Farm. “Nextech occupies a valuable niche in the cannabis market, providing augmented reality-enhanced packaging as well a virtual budtender platform for dispensaries.”
Nextech AR solutions sold 10,852,000 units for a price of $0.25 per Unit. Each unit will consist of one common share of the issues and one common share purchase warrant with each warrant entitling the holder to buy one common share at a price of $0.50 per Warrent share. This will be available for 2 months from the period of issue.
Future Farm has been working in the medical and agricultural industry, introducing new business models and patented AR technology. The company has previously worked with ARE1 to merge AR and advertising into the cannabis industry using a platform called CannaCube Live. The aim of this was the advertise and educate medical personnel, dispensaries, insurance companies and patients.
The company also worked to produce other AR projects with well-known brands and businesses such as Coca-Cola, Ford, Kelloggs, Disney, Toyota and AT&T and hopes to continue its work through Nextech AR solutions.
Further news and information on development in AR will be right here on VRFocus.