INEO increases private placement financing target to $1.5 million

INEO Tech Corp. (TSX-V: INEO)(OTCQB: INEOF) announced it will increase the maximum size of its previously announced non-brokered private placement financing from $1.1 million to $1.5 million in gross proceeds.

The financing will be completed at $0.01 per common share on a pre-consolidation basis, or $0.10 per common share on a post-consolidation basis, assuming completion of the company's proposed 1-for-10 share consolidation. The minimum closing condition remains $500,000.

The company plans to use the additional proceeds for working capital, inventory purchases, production requirements, customer deployment costs and general corporate purposes, according to the press release.

INEO has entered into an agreement to extend the maturity date of its existing $1 million principal indebtedness from May 17, 2026 to December 17, 2027, subject to completing a minimum $500,000 financing and converting accrued interest on the note.

The note holder agreed to convert approximately $341,288 of accrued and unpaid interest under the existing promissory note into common shares at the same pricing as the financing. The company also intends to convert approximately $116,600 of additional indebtedness into common shares at the same pricing basis.

Completion of the financing, debt conversions, share consolidation and promissory note amendment remain subject to customary conditions, including approval of the TSX Venture Exchange. All securities issued will be subject to a statutory hold period of four months and one day from the date of issuance.

INEO builds technology combining in-store retail media and loss prevention systems. The Surrey, British Columbia-based company integrates Electronic Article Surveillance pedestals with digital displays to help retailers reduce theft while generating retail media revenue.

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