Geekco Technologies Corporation announced a non-brokered private placement of 2000 unsecured convertible debenture units at an issue price of CAD 1,000 per unit, for gross proceeds of CAD 2,000,000 on March 1, 2023. Each unit consists of CAD 1,000 in principal amount of unsecured convertible debentures of and 825 detachable warrants to purchase common shares. The debentures are payable on the maturity date that is 24 months from issuance in cash or in common shares at the option of the corporation and bear a 15% interest rate per year, accruing in arrears, payable at the end of each anniversary date either in cash or in common shares, at the option of the corporation. The corporation may prepay the debentures at any time, in whole or in part. A minimum of six months of interest on the initial principal amount is payable in case of such prepayment or an event of default. Each warrant entitle its holder to acquire one common share for a period of 24 months at an exercise price equal to CAD 0.50 during the first year and CAD 0.75 during the second year, provided that if the volume weighted trading price of the common shares for the last 20 days on the TSXV is equal to, or greater than the applicable exercise price plus 20% per common shares, then the corporation may force the holder to exercise the warrants into common shares within 30 days, after which the warrants shall automatically expire. All securities issued pursuant to the Offering are subject to the applicable statutory hold period of four months and one day from the closing. The transaction is subject to the final approval of the TSXV. Any finder may be paid a commission in cash for up to 6% of the principal amount it introduced, and in a number of finder's warrants equivalent to up to 6% of the principal amount of the debentures it introduced divided by CAD 0.50, or a combination thereof. The finder warrants have the same terms of the warrants. For the first tranche, no commission was payable.

On the same date, the company has issued 500 unsecured convertible debenture units at a subscription price of CAD 1,000 per unit for a gross proceeds of CAD 500,000 in its first tranche closing. The transaction included participation from Henri Harland, a director and controlling shareholder of the Corporation subscribed indirectly for an aggregate principal amount of debenture units of CAD 500,000 convertible into up to a potential of 2,412,500 common shares.