Nextech3D.AI Corporation announced a private placement to issue up to 4,250,000 common shares of the company at a price of CAD 0.15 per share for the aggregate gross proceeds of CAD 637,500 on December 19, 2023. The transaction is expected to close on or about December 29, 2023, or such other date as the company may determine. An additional condition to the completion of the transaction requires VCI to participate in a private placement by the company in the aggregate amount of CAD 637,500, upon terms that were yet to be determined at the time of execution of the agreement.

Following the filing of the offering document, the company intends to invite VCI to participate in the private placement in satisfaction of this condition of the transaction. There can be no assurance that VCI will accept such offer, or otherwise exercise its option to complete any of the tranche payments. The transaction remains subject to various conditions, including the receipt of all applicable third party approvals, the approval of the Canadian Securities Exchange and Nasdaq, and the satisfaction of other conditions precedent as set forth in the letter agreement.