ImagineAR Announces Private Placement Financing Closing

Rhea-AI Summary

ImagineAR Inc. has closed its non-brokered private placement financing, issuing 36,700,000 Units at a price of $0.021 per Unit for gross proceeds of $770,700. Each Unit consists of one common share and one non-transferable common share purchase warrant. The net proceeds will be used for operations and sales marketing of products. Finder's fees of $6,216 will be paid, and 296,000 broker's warrants will be issued. The securities have not been registered under the Securities Act of 1933 and may not be offered or sold in the United States.

Vancouver, British Columbia--(Newsfile Corp. - October 31, 2023) - ImagineAR Inc. (CSE: IP) (OTCQB: IPNFF) an augmented Reality company, is pleased to announce the Company has closed it's previously announced (see PR dated October 17, 2023) non-brokered private placement financing (the "Offering"). The Company issued 36,700,000 Units (the "Units), at a price of $.021 per Unit for gross proceeds of $770,700.00.

Each Unit is comprised of one (1) common share and one (1) non-transferable common share purchase warrant (the "Warrant"), with each Warrant entitling the holder to purchase one additional common share at a price of $0.05 for a period of thirty-six (36) months from the closing of the Offering. In accordance with applicable Canadian securities laws, all securities issued pursuant to the private placement will be legended with a hold period of four months and one day from the date of issuance.

ImagineAR intends to use the net proceeds from the private placement for operations and sales marketing of products.

A total of $6,216 finder's fees will be paid, and 296,000 broker's warrants will be issued in connection with the private placement.

The securities being issued and sold in the private placement have not been registered under the Securities Act of 1933, as amended (the "Securities Act"), or any states' securities laws and may not be offered or sold in the United States, except pursuant to an effective registration statement or an applicable exemption from the registration requirements of the Securities Act.

This press release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of the securities being offered in any state or other jurisdiction in which such offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of any such state or jurisdiction. Any offering of the Resale Shares under the resale registration statement will only be by means of a prospectus.

This News Release is available on the company's official Verified Discussion Forum On AGORACOM, a moderated social media platform that enables civilized discussion and Q&A between Management and Shareholders.

About ImagineAR

Imagine AR Inc. (CSE: IP) (OTC: IPNFF) has developed an "AR-as-a-Service" platform that enables sports teams and organizations of any size to create and implement their own AR campaigns with no programming or technology experience. Every organization, from professional sports franchises to small retailers, can develop interactive AR campaigns that blend the real and digital worlds using ImagineAR. Customers simply point their mobile device at logos, signs, buildings, products, landmarks and more to instantly engage with videos, information, advertisements, coupons, 3D holograms and any interactive content, all hosted in the cloud and managed using a menu-driven portal. Integrated real-time analytics means that all customer interaction is tracked and measured in real-time. The ImagineAR mobile app is available in the IOS and Android mobile app stores. The platform is available as a native mode SDK.

All trademarks of the property of respective owners.

ON BEHALF OF THE BOARD of IMAGINEAR Inc.

Alen Paul Silverrstieen
President & CEO

For further information please contact: Alen Silverrstieen
E-mail: ap@imaginear.com

The CSE has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.

Forward-Looking Information and Statements

This press release contains certain "forward-looking information" within the meaning of applicable Canadian securities legislation and may also contain statements that may constitute "forward-looking statements" within the meaning of the safe harbor provisions of the United States Private Securities Litigation Reform Act of 1995. Such forward-looking information and forward-looking statements are not representative of historical facts or information or current condition, but instead represent only the Company's beliefs regarding future events, plans or objectives, many of which, by their nature, are inherently uncertain and outside of the Company's control. Generally, such forward-looking information or forward-looking statements can be identified by the use of forward-looking terminology such as "plans", "expects" or "does not expect", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates" or "does not anticipate", or "believes", or variations of such words and phrases or may contain statements that certain actions, events or results "may", "could", "would", "might" or "will be taken", "will continue", "will occur" or "will be achieved". The forward-looking information and forward-looking statements contained herein may include, but is not limited to, information concerning the ability of the Company to generate revenues, roll out new programs and to successfully achieve business objectives, and expectations for other economic, business, and/or competitive factors.

By identifying such information and statements in this manner, the Company is alerting the reader that such information and statements are subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of the Company to be materially different from those expressed or implied by such information and statements. In addition, in connection with the forward-looking information and forward-looking statements contained in this press release, the Company has made certain assumptions. Among the key factors that could cause actual results to differ materially from those projected in the forward-looking information and statements are the following: changes in general economic, business and political conditions, including changes in the financial markets; changes in applicable laws; compliance with extensive government regulation. Should one or more of these risks, uncertainties or other factors materialize, or should assumptions underlying the forward-looking information or statements prove incorrect, actual results may vary materially from those described herein as intended, planned, anticipated, believed, estimated or expected.

Although the Company believes that the assumptions and factors used in preparing, and the expectations contained in, the forward-looking information and statements are reasonable, undue reliance should not be placed on such information and statements, and no assurance or guarantee can be given that such forward- looking information and statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such information and statements. The forward-looking information and forward-looking statements contained in this press release are made as of the date of this press release, and the Company does not undertake to update any forward-looking information and/or forward-looking statements that are contained or referenced herein, except in accordance with applicable securities laws. All subsequent written and oral forward- looking information and statements attributable to the Company or persons acting on its behalf is expressly qualified in its entirety by this notice.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/185809

FAQ

What is the name of the company that closed the private placement financing?

The company that closed the private placement financing is ImagineAR Inc.

How many Units were issued in the private placement financing?

A total of 36,700,000 Units were issued in the private placement financing.

What is the price per Unit in the private placement financing?

The price per Unit in the private placement financing is $0.021.

What is the gross proceeds from the private placement financing?

The gross proceeds from the private placement financing are $770,700.

What will the net proceeds be used for?

The net proceeds will be used for operations and sales marketing of products.

How much are the finder's fees and broker's warrants?

Finder's fees of $6,216 will be paid, and 296,000 broker's warrants will be issued.

Can the securities be offered or sold in the United States?

No, the securities have not been registered under the Securities Act of 1933 and may not be offered or sold in the United States.