NexOptic Technology Corp. announced a non-brokered private placement of up to 57,250,000 units of the company at a price of CAD 0.05625 per unit for aggregate proceeds of up to CAD 3,220,312.5 on October 21, 2022. The transaction will include participation from certain directors and officers of the company.

Each unit will comprise one common share and one share purchase warrant. Each whole warrant will entitle the holder to acquire an additional common share at a price of CAD 0.12 per share for a period of 2 years. The warrants are subject to accelerated exercise provisions such that if the closing price of the company's common shares exceeds CAD 0.25 per share for a period of 10 consecutive trading days, the company may, at its discretion give notice of the acceleration of the warrants' term to a period of 30 days following such notice.

The company reserves the right to increase the number of units issued pursuant to the financing to up to 75,000,000 units for up to total gross proceeds of CAD 4,220,000. Finder's fees may be paid to registered dealers or other qualified parties in connection with the financing in accordance with the policies of the TSX Venture Exchange. The financing remains subject to the approval of the TSX Venture Exchange.