Newtopia Inc. announced a private placement of up to 255 secured non-convertible debenture units for the gross proceeds of CAD 2.545 million on September 11, 2023. The unites have a coupon rate of 12%. Each unit will be comprised of CAD 10,000 principal amount of subordinated and postponed secured non-convertible debentures of the company and common shares.

The Debentures will mature on the date that is 12 months from the closing date. The units will be subject to a hold period of four months plus one day from the closing date, except as permitted by applicable securities legislation and the rules of the TSXV. As a part of the transaction, the company may pay a finder's fee comprised of a cash fee equal to 6%.