ICEsoft Technologies Canada Corp. announced a non-brokered private placement of secured convertible promissory notes for gross proceeds of CAD 100,000 on February 16, 2023. The notes bear an interest of 15% per annum and will have a term of 36 months.

The notes are convertible into common shares a price of CAD 0.05 per share. The transaction is expected to close on February 28, 2023. The notes are restricted and are subjected to a four month and one day holding period from the date of issuance of the shares.

The transaction is subject to approval from regulatory approvals including Canadian Securities Exchange. Brian McKinney shall participate in the transaction through a combination of cash payments and debt settlement. Total aggregate insider participation is not expected to exceed CAD 250,000.