NexOptic Announces Private Transfer of Outstanding Warrants
September 01 2020 - 11:30AM
NexOptic Technology Corp. (“NexOptic” or the “Company”) (TSX
VENTURE: NXO) (OTCQB: NXOPF) (FSE: E3O1), an optics and Artificial
Intelligence (“AI”) innovator, announced that it has facilitated a
private transfer (the “Sale Agreement”) of 1,045,262 Warrants held
by significant shareholder, 3DB, Inc. a private Alberta company.
The Warrants expire at midnight on September 21, 2020 and have a
strike (exercise) price of $1.12.
The 3DB Warrants were non-transferable without
the consent of NexOptic, which was provided in association with
this transaction. NexOptic very much appreciates the cooperation of
3DB’s principals, John and Darcy Daugela in agreeing to transfer
their Warrants, thereby creating an opportunity for the Company to
increase its treasury by up to an additional $1,170,693 over the
next several weeks.
The Daugelas, who are Co-Founders of NexOptic,
supported NexOptic and its shareholders at the time of the
Company’s Management change (approximately 16 months ago) by
entering a voting support agreement and a custodial and rights
agreement (collectively, the “3DB Agreements”). Additional details
can be found in NexOptic’s May 25, 2020 news release and on
www.sedar.com. The new Warrant holders are not subject to the terms
of the 3DB Agreements.
NexOptic Warrants Exercised
NexOptic also wishes to report that further to
its July 14, 2020 news release, 100% of the Company’s outstanding
$0.36 Warrants have subsequently been exercised for gross proceeds
of $2,852,367. This brings NexOptic’s total gross proceeds from
warrant exercises to $3,695,018, since February 23 of this year.
NexOptic has also received gross proceeds of $359,050 through
various stock option exercises assigned to non-insiders of
NexOptic.
The entire NexOptic team wishes to express its
heartfelt gratitude to its shareholders for their continued
support.
About NexOptic Technology Corp.
NexOptic is an innovative imaging AI company
based in Vancouver, Canada. We are a Preferred Partner in the
NVIDIA Partner Network, and our All Light Intelligent Imaging
Solutions (“ALIIS™”), is being optimized into the Qualcomm®
Platform Solutions Ecosystem for select Qualcomm® Snapdragon™
mobile platforms. The Company is also engaged in the development of
its award-winning sports-optic device, DoubleTake as well as mobile
lens solutions. Find out more at www.nexoptic.com
About ALIIS
ALIIS improves image quality for a superior
all-light performance solution. By learning a camera profile and
optimally enhancing it for improvement, images and video are
corrected in a fraction of a second using edge processing. The
result is superior resolution and sharpness, dramatic reductions to
image noise and motion-blur, noticeable enhancements to long-range
image stabilization by enabling faster shutter speeds,
significantly reduced file and bandwidth requirements for storage
or streaming applications, while delivering a complete imaging
solution. Downstream applications include computational imaging,
facial recognition, and object detection, giving it even broader
market applicability.
Media and Investor Enquiries Tel: +1 (604)
669-7330 x 202 Email: look@nexoptic.com
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