Steer Technologies Inc. announced a non-brokered private placement of 12.0% secured convertible debentures of the Company in the principal amount of a minimum of CAD 3,000,000 and up to a maximum of CAD 3,536,400 on January 15, 2024. The debentures bear an interest rate of 12% per annum and will mature on 12 months from the date of issue. The debentures will be convertible, at a conversion price of CAD 0.06 and at the sole option of the holder, at any time after the completion of the FoodsUp Distribution, into units of the Company.

Each Unit will be comprised of one common share in the capital of the Company and one Common Share purchase warrant, which may be exercised into one Common Share at CAD 0.06 for a period of 12 months from the date of issue. The transaction will include participation from new investors ESG Holdings Inc., Arichandran Investments Inc and one or more additional investors. The transaction is expected to close on February 5, 2024 and is subject to the approval of the TSX Venture Exchange.

On closing date of the transaction, the two current directors of the company will resign and be replaced by one nominee of each of ESG Holdings Inc. and Arichandran Investments Inc, who are expected to be Praveen Arichandran and Qamar Qureshi.