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Future Farm's Augmented Reality Company, Nextech AR Solutions, Announces Closing of CDN$2,700,000 Private Placement in Preparation for Spin Off and CSE Listing
Future Farm's Augmented Reality Company, Nextech AR Solutions, Announces Closing of CDN$2,700,000 Private Placement in Preparation for Spin Off and CSE Listing.
About this update from Future Farm Technologies Inc
[{"type":"text","content":"\n\n\n\nFuture Farm's Augmented Reality Company, Nextech AR Solutions, Announces Closing of CDN$2,700,000 Private Placement in Preparation for Spin Off and CSE Listing\n\n\n\n\n\nFuture Farm's Augmented Reality Company, Nextech AR Solutions, Announces Closing of CDN$2,700,000 Private Placement in Preparation for Spin Off and CSE Listing\nPR Newswire\nVANCOUVER, British Columbia, April 3, 2018\n\n\n\nVANCOUVER, British Columbia, April 3, 2018 /PRNewswire/ --\n\nAs previously announced, Future Farm Technologies Inc. (the \"Company\" or \"Future Farm\") (CSE: FFT) (CSE: FFT.CN) (OTCQX: FFRMF) will spin off its augmented reality assets into a newly formed company, Nextech AR Solutions (\"Nextech\"). On March 28, 2018, Nextech closed on an oversubscribed private placement of CDN$2,700,000 in preparation for its listing on the CSE and OTCBB. Nextech will issue 12,000,000 new shares to Future Farm, 10,000,000 of which shall be issued pro rata to Future Farm shareholders of record on the ex-dividend date, which shall be announced in the near future. The new shares will be automatically deposited into Future Farm's shareholders' brokerage accounts. Shareholders need to do nothing else to receive these shares except hold shares in Future Farm as of the ex-dividend date. The Company expects Nextech to begin trading sometime in June 2018 and it will keep its shareholders updated as to developments.\n\n\"We believe that to maximize shareholder value, spinning off this asset is in the best interest of our shareholders,\" comments William Gildea, CEO of Future Farm. \"Nextech occupies a valuable niche in the cannabis market, providing augmented reality-enhanced packaging as well a virtual budtender platform for dispensaries.\"\n\nThe augmented reality market is set to grow substantially in the near future as companies such as Apple, Google, Microsoft, and Intel are now aggressively launching software and hardware to support this dynamic and fast-growing industry.\n\nNextech AR Solutions sold 10,852,000 units as a non-brokered private placement basis at a price of $0.25 per Unit (the \"Units\"). Each Unit will consist of one (1) common share of the Issuer (each, a \"Share\") and one (1) common share purchase warrant (each, a \"Warrant\"), with each Warrant entitling the holder thereof to purchase one additional common share (each...