INEO Tech Corp announced a non-brokered private placement to issue unsecured convertible debentures of the company in the aggregate principal amount of up to CAD 700,000 on January 11, 2024. Each debenture will be convertible into common shares in the capital of the company at a conversion price of CAD 0.085 per share for the first year from the date of issuance and thereafter at an adjusted conversion price of CAD 0.1 per share until the date which is three years from the date of issuance and bear interest at the rate of 12% per annum for a period expiring on the maturity date. Closing of the offering is subject to a number of conditions, including receipt of all necessary regulatory and corporate approvals, including approval from the exchange.

The debentures will not be listed or posted for trading on any exchange. In connection with the offering, the company may pay finders' fees to certain eligible finders, as permitted by the policies of the TSX Venture Exchange. The shares issuable upon the conversion of the debentures 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.