Spetz Inc. announced that it has issued convertible debentures for the gross proceeds of CAD 600,000 on February 1, 2023. Each debenture unit consists of 1,000 principal debentures and 33,333.333 share purchase warrants. Each Warrant entitles the holder thereof to subscribe for one common share at an exercise price of CAD 0.05 for a period of three years from the date of issuance.

The debentures bear an interest rate of 1% and shall be payable, in cash, quarterly and will mature on November 30, 2023. The principal amount of each Debenture shall be convertible, for no additional consideration, into Common Shares at the option of the holder at any time prior to the Maturity Date at a conversion price equal to CAD 0.05 per common share. The conversion of the entire principal amount owed thereunder at the conversion price, upon giving the holders of the Debentures not less than 30 days prior written notice, in the event that and only for so long as on the date prior to the date of notice, the 15 day volume weighted average trading price of the Common Shares on the Canadian Securities Exchange is equal or greater than CAD 0.12.