Spetz Inc. announced a private placement that it has issued secured convertible debentures for the aggregate gross proceeds of CAD 906,673 on November 2, 2023. In connection with the offering of debentures, the company has issued 450,000 warrants. Each warrant entitles the holder thereof to subscribe for one common share in the capital of company at an exercise price of CAD 0.24 for a period of three 3 years from the date of issuance.

The debentures shall bear interest at a rate of 1% per month, calculated monthly in advance, and shall be payable, in cash, quarterly. The company reserves the right to repay the debentures, without penalty, in whole or in part, prior to the Maturity Date, on 30 days prior written notice to the holders of the debentures in advance of repayment or redemption. 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 0.24 per Common Share