- ARHT Media (ART) has closed a C$10M non-brokered private placement
- It intends to use the proceeds to accelerate the distribution of its HoloPresence technology, as well as invest in sales, marketing and new products
- The company closed the deal at a considerable premium to last week’s closing share price of $0.175
- ARHT Media is a holographic technology provider
- ARHT Media (ART) is up by 17.14 per cent trading at $0.205 per share
ARHT Media (ART) has closed a C$10M non-brokered private placement.
The company offered units priced at $0.275.
Each unit is comprised of one common share and one-half of one common share purchase warrant.
Each warrant entitles the holder to purchase one common share for $0.40 for three years from the date of issuance.
ARHT will use the proceeds to:
- Accelerate the roll out of its HoloPresence technology, including its global partnership with WeWork
- Introduce new products
- Increase investment in sales, marketing and general working capital
The placement was led by Samacha Capital, an investment company controlled by Jonathan Pollack.
Pollack, the former CFO of technology companies AcuityAds and Kaboose, has joined ARHT’s Board as Vice-Chair.
Deborah Beatty, VP of Corporate Strategy at PointClickCare and the former Head of Strategy for the Middle East and Africa for Apple, also joined the company as an independent director.
“This sizeable investment, being completed at a premium to the current share price, represents validation of the significant underlying value of our technology, product offering and growth initiatives,” said Larry O’Reilly, ARHT’s CEO.
ARHT Media is a holographic technology provider.
ARHT Media (ART) is up by 17.14 per cent trading at $0.205 per share as of 9:31 am EST.
