Lite Access Technologies Inc. announced a fully subscribed non-brokered private placement of secured convertible debentures in the principal amount of CAD 500,000 and 11,040,000 common shares at CAD 0.05 per share for gross proceeds of up to CAD 552,000 for total proceeds of CAD 1,052,000 on November 10, 2022. The transaction will include participation from insiders and key stakeholders of the company. The debentures will be secured under a general security agreement, bear a fixed interest rate of 12% per annum and be due two years from the date of issue.

Further, the debentures will be convertible into common shares of the company at a conversion ratio of CAD 0.07 per common share if converted during the period from the Issue Date to the last day of the first anniversary of the Issue Date, and CAD 0.10 if converted during the period from the first day of the second anniversary of the Issue Date to the last day of the second anniversary of the Issue Date. The securities issued under the Offering will be subject to restrictions on resale. The transaction is subject to acceptance of the TSX Venture Exchange.