Stockwatch

Ineo Tech Corp
Symbol	INEO
Shares Issued	76,143,709
Close 2024-01-11	C$ 0.05
Market Cap	C$ 3,807,185
Recent Sedar Documents

Ineo Tech arranges $700K convertible debenture offering

2024-01-12 01:00 ET - News Release

Subject: No Subject! Word Document File: '\\swfile\EmailIn\20240111 211759 Attachment INEO - News Release announcing Convertible Debenture Offering.docx' INEO ANNOUNCES CONVERTIBLE DEBENTURE OFFERING SURREY, BC, Jan. 11, 2024 - INEO Tech Corp. (TSXV: INEO) (OTCQB: INEOF) (the "Company" or "INEO") is pleased to announce that it will proceed with a non-brokered private placement of unsecured convertible debentures of the Company (the "Debentures") in the aggregate principal amount of up to $700,000 (the "Offering"). Each Debenture will be convertible into common shares in the capital of the Company (each, a "Share") at a conversion price of $0.085 per Share for the first year from the date of issuance and thereafter at an adjusted conversion price of $0.10 per Share until the date which is three (3) years from the date of issuance (the "Maturity Date") and bear interest at the rate of 12.0% per annum for a period expiring on the Maturity Date. It is anticipated that an insider will participate in the Offering. The insider's participation will constitute a "related party transaction" within the meaning of Multilateral Instrument 61-101 - Protection of Minority Securityholders in Special Transactions ("MI 61-101"). This transaction will be exempt from the formal valuation and minority shareholder approval requirements of MI 61-101 pursuant to sections 5.5(a) and 5.7(1)(a) of MI 61-101 as neither the fair market value of any securities issued to, nor the consideration paid by such person, exceeds 25% of the Company's market capitalization. In connection with the Offering, the Company may pay finders' fees to certain eligible finders, as permitted by the policies of the TSX Venture Exchange (the "Exchange"). Upon a change of control, the Company may also redeem the principal amount and any unpaid interest of the Debentures in cash, without penalty, at any time prior to the Maturity Date by providing a ten (10) day notice period to the debenture holder by way of a written notice. The Shares issuable upon the conversion of the Debentures will be subject to a statutory hold period of four (4) months plus a day from the date of issuance in accordance with applicable securities legislation. The Company intends to use the net proceeds of the Offering for general corporate purposes. Closing of the Offering is subject to a number of conditions, including receipt of all necessary regulatory and corporate approvals, including approval from the Exchange. The Debentures will not be listed or posted for trading on any exchange. INEO Tech Corp. Per: "Kyle Hall" Kyle Hall, Chief Executive Officer and Director About INEO Tech Corp. (TSXV: INEO; OTCQB: INEOF) INEO Tech Corp., through its wholly owned subsidiary, INEO Solutions Inc., operates the INEO Media Network, a digital advertising and analytics solution for retailers, and INEO Retail Media, an advertising sales provider for in-store retail media. INEO is headquartered in Surrey, Canada and publicly traded on the TSX-Venture Exchange under the symbol "INEO" and on the OTCQB under the symbol "INEOF". For more information please visit: Website: www.ineosolutionsinc.com LinkedIn: www.linkedin.com/company/ineosolutions Facebook: www.facebook.com/ineosolutionsinc Instagram: www.instagram.com/ineosolutionsinc Twitter: www.twitter.com/INEOsolutions For further information: Kyle Hall, CEO, INEO Tech Corp., investor@ineosolutionsinc.com, (604) 244-1895 Forward-Looking Statements Investors are cautioned that, except as disclosed in the disclosure document, any information released or received with respect to the Company may not be accurate or complete and should not be relied upon. Trading in securities of the Company should be considered highly speculative. Certain statements in this press release may contain forward-looking information (within the meaning of Canadian securities legislation), including, without limitation, the completion of the Offering, the intended use of proceeds from the Offering and issuance of Shares in connection therewith. These statements address future events and conditions and, as such, involve known and unknown risks, uncertainties, and other factors, which may cause the actual results, performance, or achievements to be materially different from any future results, performance, or achievements expressed or implied by the statements. Forward-looking statements speak only as of the date those statements are made. Although the Company believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results may differ materially from those in the forward-looking statements. Factors that could cause the actual results to differ materially from those in forward-looking statements include regulatory actions, market prices, and continued availability of capital and financing, and general economic, market or business conditions. Investors are cautioned that any such statements are not guarantees of future performance and actual results or developments may differ materially from those projected in the forward-looking statements. Forward-looking statements are based on the beliefs, estimates and opinions of the Company's management on the date the statements are made. Except as required by applicable law, the Company assumes no obligation to update or to publicly announce the results of any change to any forward-looking statement contained or incorporated by reference herein to reflect actual results, future events or developments, changes in assumptions, or changes in other factors affecting the forward-looking statements. If the Company updates any forward-looking statement(s), no inference should be drawn that it will make additional updates with respect to those or other forward-looking statements. Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.