ARHT Media Raises C$2.4 Million in Private Placement

ARHT Media (TSXV:ART), augmented reality and holographic visuals company has raised C$2.4 million in a private placement offering. Issued at a price of C$0.13, the units were comprised of one common share and one warrant. As part of the offering, each unit is exercisable up to three years at a price of C$0.18 per share.

As quoted in the press release:

ARHT issued a total of 18,860,738 Units at a price of $0.13 per Unit, during the first and Second Tranche of the Offering, raising gross proceeds of $2,451,895.94.

Each Warrant will be exercisable to purchase one additional common share of the Company at an exercise price of $0.18 per share for a period of three years following the closing of the Offering.  If at any time after four months and one day from the closing of the Second Tranche, the common shares of the Company trade at a price of $0.50 per common share or higher (on a volume weighted adjusted basis) for a period of six consecutive weeks, the Company will have the right to accelerate the expiry date of the Warrants to the date that is 30 days after the Company issues a news release announcing that it has elected to exercise this acceleration right.

The proceeds from the Offering will be used for general and working capital purposes, to accelerate sales and marketing, as well as for the retirement of the Company’s outstanding debentures in the amount of $800,000.

Click here to read the full press release.