Files Amended & Restated Annual Information Form
NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES
TORONTO, March 10, 2021 — ARHT Media Inc. (TSX VENTURE: ART) (“ARHT” or the “Company“) is pleased to announce that it has increased the size of its previously announced overnight marketed offering, to sell a minimum of $7.9 million of Units of the Company (the “Units”) at a price of $0.24 per Unit (the “Offering Price”) and up to $8.9 million of Units (the “Offering”) and that it has received a receipt for a final prospectus (the “Prospectus“) of the Company from the securities regulators in each of the provinces of Canada (other than Quebec).
Each Unit will consist of one common share in the capital of the Company (each a “Common Share”) and one common share purchase warrant (each, a “Warrant”). Each Warrant will entitle the holder to acquire an additional Common Share at an exercise price of $0.33 for a period of 36 months following the closing of the Offering; provided, however, that if volume weight average price of the Company’s common shares is greater than $0.70 for a period of 10 consecutive trading days, the Company shall have the right to accelerate the expiry of the Warrants. The Company has applied to list the Warrants on the TSX Venture Exchange (the “TSXV“). Listing is subject to receipt of approval from the TSXV.
The Company has granted the Agent an option (the “Over-Allotment Option”) to purchase up to an additional 15% of the Offering on same terms exercisable at any time up to 30 days following the closing of the Offering, for market stabilization purposes and to cover over-allotments, if any.
Closing of the Offering is expected to occur on or about March 17, 2021 and is subject to certain conditions, including regulatory approval, including that of the TSXV.
The net proceeds of the Offering will be used to: i) increase direct and channel marketing programs; ii) increase inventory levels; iii) increase personnel and sales support programs; iv) develop in-house technical expertise; v) grow sales team and authorized partner program; vi) product and software development; vii) develop patent portfolio; viii) repay the outstanding secured debentures of the Company maturing on December 30, 2021; and viii) working capital and general corporate purposes.
In addition, at the request of the Ontario Securities Commission, the Company has filed an amended and restated annual information form dated March 9, 2021 (the “AIF“). The AIF was amended to correct for the date of the AIF and to include certain disclosure regarding risk factors relevant to the Company that are included in the Prospectus.
The securities being offered have not been, nor will they be, registered under the United States Securities Act of 1933, as amended, and may not be offered or sold in the United States or to, or for the account or benefit of, U.S. persons absent registration or an applicable exemption from the registration requirements. This press release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of the securities in any State in which such offer, solicitation or sale would be unlawful.
This press release will not constitute an offer to sell or the solicitation of an offer to buy nor will there be any sale of the securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction.
About ARHT Media
ARHT Media’s patented HoloPresenceTM technology is a complete end-to-end solution that creates a sense of presence for audiences – as though the holographic presenter was actually live in the room. With no noticeable latency, ARHT Media makes two-way live communication with a 3D holographic presenter anywhere in the world possible. We can also playback pre-recorded content and 3D animations on our HoloPresenceTM displays to deliver rich holographic experiences. Add to this our capability to stream the same content online on our premium Virtual Global StageTM.
ARHT Media trades under the symbol “ART” on the Toronto Venture Stock Exchange.
This press release contains “forward-looking information” within the meaning of applicable Canadian securities legislation. Forward-looking information includes, but is not limited to, disclosure related to the Company’s sales funnel; the Company’s technology; the potential uses for the Company’s technology; the future planned events using the Company’s technology; the future success of the Company; the ability of the Company to monetize the ARHT Media technology; the development of the Company’s technology; and interest from parties in ARHT’s products. Generally, forward-looking information can be identified by the use of forward-looking terminology such as “plans”, “expects” or “does not expect”, “is expected”, “budget”, “scheduled”, “estimates”, “forecasts”, “intends”, “anticipates” or “does not anticipate”, or “believes”, or variations of such words and phrases or state that certain actions, events or results “may”, “could”, “would”, “might” or “will be taken”, “occur” or “be achieved”. Forward-looking information is subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of the Company to be materially different from those expressed or implied by such forward-looking information, including but not limited to: general business, economic and competitive uncertainties; regulatory risks; risks inherent in technology operations; and other risks of the technology industry. Although the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking information. The Company does not undertake to update any forward-looking information, except in accordance with applicable securities laws.
NEITHER THE TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER (AS THAT TERM IS DEFINED IN THE POLICIES OF THE TSX VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE