The Royal Bank of Canada provided a $600,000 lending facility to NexTech AR Solutions, an augmented reality company focused on ecommerce, AR learning applications and AR-enhanced virtual events.
“This credit facility further strengthens our financial capabilities as we continue to scale and add to our already healthy cash and inventory position of over $7.5 million — our highest ever — providing a solid foundation to support the company’s rapid growth plans,” Kashif Malik, CFO of NexTech, said. “With this credit facility along with our financing last week, we are well positioned, and laser focused on executing on our strategy in 2020.”
The facility can be drawn at any time by NexTech for working capital requirements and general corporate purposes, and bears interest at Royal Bank of Canada’s Prime Rate plus 2%.
NexTech AR Solutions will report its Q2/20 results in August.
