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NexOptic Increases Size of Private Placement to $5 Million

/EINPresswire.com/ -- VANCOUVER, BC--(Marketwired - August 11, 2017) - NexOptic Technology Corp. ("NexOptic") (OTCQB: NXOPF) (TSX VENTURE: NXO) (FRANKFURT: E301) (BERLIN: E301) and Spectrum Optix Inc. of Calgary, Canada ("Spectrum,") and together with NexOptic, ("the Companies") are pleased to announce that due to increased interest from new and existing investors, NexOptic has elected to increase the size of its non-brokered private placement (the "Private Placement") originally announced on August 4, 2017, from aggregate gross proceeds of up to CDN $3,025,000 to up to CDN $5,060,000, or 4,600,000 units (the "Units").

The net proceeds from the Private Placement are intended to fund development of the Companies' first commercial application and the previously announced mobile device optical system currently in the engineering and development stage, as well as other next generation lens systems and for general working capital purposes.

As was previously disclosed, each Unit is comprised of one common share in the capital of NexOptic (the "NexOptic Shares") and one common share purchase warrant (each a "Warrant"). Each Warrant will entitle the holder to purchase one additional NexOptic Share at an exercise price of CDN $1.50 for a period of 18 months from the date of issuance of the Units.

Closing of the Private Placement is subject to receipt of all necessary approvals, including approval of the TSX Venture Exchange (the "TSXV") and receipt of definitive subscriptions. The securities issued under the Private Placement will be subject to a four month hold period from the date of closing of the Private Placement in addition to any other restrictions under applicable law.

Finder's fees may be payable on all or portions of the Private Placement, in accordance with the policies of the Exchange.

The Units, common shares and warrants, including common shares issuable upon valid exercise of the warrants, have not been, and will not be, registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act"), or any U.S. state securities laws and may not be offered or sold in the United States, absent registration or an available exemption from the registration requirement of the U.S. Securities Act and applicable U.S. state securities laws.

About NexOptic Technology Corp.

NexOptic is a publicly traded company, which has an option to acquire, in the aggregate, 100% of Spectrum Optix Inc., a private corporation. The Companies are, in essence, working as a single corporation at this time, with their respective CEOs sitting on each other's boards of directors. Please see NexOptic's news release dated November 18, 2014 for additional details regarding this relationship.

Spectrum is developing technologies relating to imagery and light concentration applications. Utilizing Blade Optics™, its suite of patent-pending optical technologies, the company aims to increase aperture sizes within given depth constraints of various imaging and non-imaging optical applications.

Spectrum has completed its proof-of-concept digital ("POC") telescope prototype that utilizes its patent-pending Blade Optics™ technology, other optical elements and electronic components. The prototype is intended to demonstrate the marketable features of Spectrum's Blade Optics™ technology and its potential to serve as a platform to be used in various optical applications.

Benefits of Blade Optics™ Technology

The Companies believe that Blade Optics™ has the potential to breakdown many of the limitations associated with conventional, curved lens stacks:

  • Aperture size: Blade Optics™ may allow the aperture-to-depth ratio to be increased in depth-limited optical devices to permit increased resolution compared to conventional curved optical devices with similar depth.
  • Compactness: Decreasing the depth of the lens stack would create the possibility of more compact and practical imaging devices.

NexOptic trades on the OTCQB under the symbol "NXOPF," on the TSX Venture as "NXO," on Frankfurt as "E301" and Berlin as "E301." More information is available at www.nexoptic.com.

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 UNITS, COMMON SHARES OR WARRANTS, IN ANY JURISDICTION IN WHICH SUCH OFFER, SOLICITATION OR SALE WOULD BE UNLAWFUL.

On behalf of the Boards of Directors

NexOptic Technology Corp.
Paul McKenzie, President & CEO

Spectrum Optix Inc.
John Daugela, President & CEO

OTCQB: NXOPF
TSX-V: NXO
Frankfurt: E301
Berlin: E301

For the audio version of today's news release please visit http://nexoptic.com/investors/news/

Forward Looking Statements

This press release contains forward-looking information and forward-looking statements within the meaning of applicable securities laws, including, but not limited to, statements with respect to expectations concerning the development of its technology, the development of the prototype, the potential applications of Spectrum's technologies and the technology's potential market impacts. The reader is cautioned that forward looking statements are not guarantees of future performance and involve known and unknown risks, uncertainties, assumptions and other factors which are difficult to predict and that may cause actual results or events to differ materially from those anticipated in such forward looking statements. Forward looking statements are based on the then current expectations, beliefs, assumptions, estimates and forecasts about the business and the industry and markets in which the Companies operate and are qualified in their entirety by the inherent risks and uncertainties surrounding future expectations, including, among others: risks commonly associated with the development of new technologies, including that the prototype development is at an early stage and additional work will be required to confirm potential applications and feasibility of Spectrum's technologies; the Companies may not be able complete the prototype as currently expected; the potential applications are based on limited studies and may not be representative of the broader market; the risk that the prototype may not achieve results expected by the Companies; the Companies may not be able to commercialize their technology even if the prototype is successful; NexOptic may not have access to necessary financing on acceptable terms or at all, including, in order to exercise the options under NexOptic's formal agreement with Spectrum and its shareholders or the conditions to NexOptic's options to acquire Spectrum shares may not be otherwise satisfied; and other risks inherent with the patent process, transactions of this type and the business of Spectrum and/or NexOptic. Such forward looking statements should therefore be construed in light of such factors. Other than in accordance with its legal or regulatory obligations, NexOptic is not under any obligation and it expressly disclaims any intention or obligation to update or revise any forward looking statements, whether as a result of new information, future events or otherwise.

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 news release.

NexOptic Technology Corp.
Paul McKenzie
President & CEO
Look@NexOptic.com
+1 (604) 669-7330
www.NexOptic.com

Spectrum Optix Inc.
John Daugela
President & CEO
+1 (604) 669-7330