- Nextech3D.ai (NEXCF, Financial) signs an LOI to sell up to 80% of Toggle3D.ai (TGGL) to TQG Technologies.
- First tranche involves CAD $610,000 for 11 million shares with total potential bonus up to $710,000.
- Transaction structured in three phases with completion expected by August 2025, pending conditions.
Nextech3D.ai (OTC: NEXCF) has announced a strategic move by signing a Letter of Intent (LOI) with TQG Technologies to sell up to 80% of its stake in Toggle3D.ai (CSE: TGGL). This transaction aims to provide Nextech3D.ai with a non-dilutive cash infusion of CAD $610,000, facilitating further focus on its core AI and 3D modeling technologies.
The sale will be executed in three tranches. The first tranche consists of 11 million shares sold for CAD $610,000. Following TQG's capital raise, a second tranche of 5 million shares will be priced at CAD $276,000. The final tranche will complete the 80% acquisition, combining share purchases and the vending-in of TQG’s assets into TGGL. A non-refundable deposit of CAD $177,000 will be paid upon finalizing the structure.
Additional payments are scheduled through August 2025, and a potential bonus of $710,000 will be offered if TQG successfully raises a financing round of at least US$5 million. Moreover, the LOI includes a 180-day post-closing period during which TGGL management will retain insight into major financial decisions, ensuring operational continuity during the transition.
This LOI requires the execution of a definitive agreement within 90 days, subject to satisfactory due diligence and regulatory or shareholder approvals. A joint public announcement from both companies will coincide with the final agreement, alongside planned PR initiatives highlighting Toggle3D.ai's new business direction.
