Vancouver, British Columbia--(Newsfile Corp. - August 30, 2024) - ImagineAR. (CSE: IP) (OTCQB: IPNFF) (the "Company") today announces it has closed the first of three tranches of a convertible note offering totaling $1.1 million to support the Company's major initiatives: Location-Based Entertainment, AI integration with AR, and Patent Enforcement & Licensing.

ImagineAR's convertible note financing commits the investors to investing an aggregate of $1.1 Million on the following terms:

1. The principal will be advanced in 3 tranches, with an initial tranche of $125,000 on August 30, 2024 and an additional $975,000 in two following tranches expected by October 31, 2024.
2. The principle will bear interest at the rate of 12% per annum, payable quarterly or on maturity or conversion.
3. The convertible notes will mature 24 months following the date of issue, unless earlier redeemed or converted.
4. The principal and interest will automatically convert into common shares of the Company ("Shares") at $0.05 per Share.
5. Subject to an automatic conversion by the Company within 30 days after the Company's Common Shares have traded at or above a price of $0.20 for more than 20 consecutive trading days at any time after four months from the date the convertible notes are issued and prior to the Maturity Date.

All securities issued in connection with the offering will be subject to a statutory hold period of four months plus a day from the date of issuance in accordance with applicable securities legislation.

This press release does not constitute an offer to sell or the solicitation of an offer to buy these securities, nor shall it constitute an offer, solicitation or sale in any jurisdiction in which such offer, solicitation or sale is unlawful. These securities have not been, and will not be, registered under the United States Securities Act of 1933, as amended, or any state securities laws and may not be offered or sold in the United States or to U.S. persons unless registered or exempt therefrom.

About ImagineAR

Imagine AR Inc. (CSE: IP) (OTCQB: IPNFF) has developed an "AR-as-a-Service" platform that enables sports teams and organizations of any size to create and implement their own AR campaigns with no programming or technology experience. Every organization, from professional sports franchises to small retailers, can develop interactive AR campaigns that blend the real and digital worlds using ImagineAR. Customers simply point their mobile device at logos, signs, buildings, products, landmarks and more to instantly engage with videos, information, advertisements, coupons, 3D holograms and any interactive content, all hosted in the cloud and managed using a menu-driven portal. Integrated real-time analytics means that all customer interaction is tracked and measured in real-time. The ImagineAR mobile app is available in the IOS and Android mobile app stores. The platform is available as a native mode SDK.