ARHT Media, a Toronto-based developer, producer and distributor of high-quality, low-latency hologram and digital content, has raised C$10 million in growth equity financing. The deal was led by Samacha Capital, a private investment firm controlled by Jonathan Pollack. Pollack and Deborah Beatty, vice president, corporate strategy, at PointClickCare have joined the board.
TORONTO, Feb. 22, 2022 (GLOBE NEWSWIRE) — ARHT Media Inc. (“ARHT Media” or the “Company”) [TSXV:ART] [OTCQB: ARHTF], the global leader in the development, production and distribution of high-quality, low latency hologram and digital content, today announced it has closed a private placement with a group of strategic investors, led by Samacha Capital Inc., an investment company controlled by Jonathan Pollack, pursuant to which the Company has issued $10 million of units of the Company (“Units”) at a price of $0.275 per Unit in a non-brokered private placement (the “Offering”). In connection with the closing of the Offering, Jonathan Pollack, the former Chief Financial Officer of technology companies AcuityAds and Kaboose has joined the board of directors of ARHT Media as Vice Chair. Deborah Beatty, currently the VP Corporate Strategy at PointClickCare and the former Head of Strategy for the Middle East and Africa for Apple, has also joined the board of directors as an additional independent director.
“This sizeable investment, being completed at a premium to the current share price, represents validation of the significant underlying value of our technology, product offering and growth initiatives,” said Larry O’Reilly, Chief Executive Officer of ARHT Media. “This infusion of growth capital will allow us to expedite the implementation of our existing business plan, particularly with an accelerated rollout of expanded locations including our WeWork partnership. In addition, this capital will allow ARHT Media to enter additional markets with new and innovative products that significantly broaden the use case and accessibility of our core technology. We are particularly pleased to add Jonathan Pollack and Deborah Beatty to our Board as both have substantial business, financial and strategic experience, primarily in the technology sector, to assist us in accelerating our growth.”
“I am very excited to be joining the Board of ARHT Media and working closely with Larry and his world-class team to increase the Company’s market penetration, revenue growth and financial position,” said Jonathan Pollack.
Terms of the Unit
Each Unit is comprised of one common share (a “Common Share”) and one-half of one Common Share purchase warrant (each whole warrant, a “Warrant”). Each Warrant entitles the holder thereof to purchase one Common Share at a price of $0.40 for a period of three years from the date of issuance. The securities issued under the Offering have a hold period of four months and one day from the date of issuance.