ICEsoft Technologies Canada Corp. announced a non-brokered private placement of up to 30,000,000 units at an issue price of CAD 0.05 per unit for gross proceeds of up to CAD 1,500,000 on July 29, 2021. Each unit consist of one common share and one common share purchase warrant.

Each warrant will entitle the holder to purchase one additional common share at an exercise price of CAD 0.08 per share at any time prior to the day that is 36 months from the issue of the warrant. The transaction is led by Shen Capital Partners for a minimum of CAD 1,300,000 and may also include participation from directors and/or officers of the company. As a part of transaction Francis Shen from Shen Capital Partners will join the company's board of directors, and one board observer, who shall initially be Andrew Shen.

The transaction is expected to close on or about August 27, 2021. The securities issued pursuant to the transaction will be subject to a hold period under applicable securities laws, which will expire four months plus one day from the date of the applicable closing. Closing is subject to receipt of all necessary corporate and regulatory approvals, including approval of the Canadian Securities Exchange.