INEO Tech announces private placement to raise up to $2.3 million

INEO Tech Corp. (TSXV: INEO) (OTCQB: INEOF) announced a non-brokered private placement to raise up to $2.345 million through the issuance of up to 156.36 million common shares at $0.015 per share.

The company terminated a previously announced rights offering from November 24 that was suspended November 28 following objections. CEO Kyle Hall stated the company was "disappointed at the objections raised to our proposed rights offering" but remained "pleased to still be able to provide our existing shareholders with the opportunity to participate in this Offering."

Existing shareholders in qualifying jurisdictions in Canada will be eligible to participate under available exemptions from prospectus requirements. The company set November 27 as the record date for determining eligible shareholders, with a December 10 deadline for participation requests and December 14 for subscription materials.

The Surrey, British Columbia-based company plans to allocate proceeds for inventory purchases and customer deployments, with $300,000 allocated assuming 25% of the offering or $1.6 million at full subscription. General and administrative expenses, including paying down current liabilities, would receive $286,250 or $745,000 respectively.

Coenda Investments Holding Corp. has participation rights under a May 27 settlement agreement and has until December 5 to notify the company of its intent to participate. Other company insiders may also participate in the offering.

The offering requires TSX Venture Exchange acceptance and may close in multiple tranches, with the first tranche expected around December 16. Securities will be subject to a four-month-plus-one-day hold period from closing.

INEO operates retail technology combining in-store media and loss prevention through its INEO Media Network digital signage platform and retail analytics.

You May Also Be Interested In

• PG&E Corp, Edison Spike; California Assembly Won't Take Vote On Utility Wildfire Bill
• Iranian missiles, drones fired toward enemy positions - Fars
• Modern Chandelier's 2026 Design Report Identifies Six Directions Replacing Polished Chrome in American Homes