ImagineAR Inc (IPNFF)

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ImagineAR Announces Closing of Private Placement for Gross Proceeds of $425,875.

Source
https://finance.yahoo.com/news/imaginear-announces-closing-private-placement-120000273.html

May 29, 2023

ImagineAR (CSE: IP) (OTCQB: IPNFF) an Augmented Reality company that enables sports teams, brands and businesses to instantly create their own mobile phone immersive AR campaigns, is pleased to announced it closed a non-brokered private placement financing of 12,905,315 Units, at a price of $.033 per Unit for gross proceeds of $425,875.

Each Unit will be comprised of one common share and one non-transferable common share purchase 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 months from the closing of the Offering. In accordance with applicable Canadian securities laws, all securities issued pursuant to the private placement with a hold period of four months and one day from the date of issuance.

ImagineAR intends to use the net proceeds from the proposed private placement to enhance its SDK technology, sales, and marketing support, and develop AI integration proof of concept immersive AR activations.

ImagineAR SDK New Release
The Company is launching a new release of the "Drop-In" Native SDK (Software Development Kit) integration for IOS and Android mobile apps. This major release, currently scheduled for summer launch with the NFL Baltimore Ravens, will feature many new features/functions and an enhanced AR Scavenger Hunt.

"This significant SDK release makes it faster and economical for clients and partners to integrate our AR platform directly into their mobile app with reduced technical resources and timeframe",stated Alen Paul Silverrstieen, CEO of ImagineAR Inc.

Ferencvárosi Torna Club Flutter Integration
The Company has postponed the ImagineAR SDK Flutter integration for the Hungarian Soccer Champion Ferencvárosi Torna proof of concept. Technical resources had been allocated to complete the new "Drop-in" SDK to achieve the June deadline.