INEO Tech Corp. Closes $2.345 Million Non-Brokered Private Placement
Executive Summary
- INEO Tech Corp. closed its previously announced non‑brokered private placement, raising C$2,345,335 in gross proceeds.
- The financing consisted of 156,355,684 common shares issued at C$0.015 per share, with insiders purchasing 12,689,020 shares.
- Net proceeds are earmarked for working capital, inventory purchases, customer deployments, product/engineering development, and sales & marketing initiatives.
Key Details
- Financing Structure:
- Aggregate shares issued: 156,355,684 common shares
- Issue price: C$0.015 per share
- Gross proceeds: C$2,345,335
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Insider participation: 12,689,020 shares (≈8.1% of total)
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Use of Proceeds:
- Inventory Purchase & Customer Deployments – C$1,600,000
- General & Administrative expenses, including paying down current liabilities – C$745,000
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Remaining balance to support product engineering, sales & marketing, and general corporate purposes.
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Finder’s Fee:
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CIBC will receive a fee of C$8,750, subject to TSXV approval.
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Regulatory Matters:
- All securities are subject to a statutory hold period of four months and one day per TSX Venture Exchange policies.
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Final acceptance by the TSXV pending customary post‑closing filings.
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Related Party Transaction Exemption:
- Insiders’ participation qualifies as a “related party transaction” under MI 61‑101.
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Company relies on exemptions from formal valuation and minority shareholder approval because insider ownership does not exceed 25% of market capitalization.
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U.S. Securities Law Disclaimer:
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Shares are not registered in the United States and may not be offered or sold there except under an exemption.
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Prior October 2025 Private Placement Reference:
- No additional shares will be issued beyond the previously announced private placement of 12,500,000 shares.
- Previously issued: 5,990,000 shares at C$0.04 per share.
Notable Quotes
“The successful close of this financing provides us with the capital needed to accelerate inventory deployment and expand our product and marketing initiatives, positioning INEO for continued growth in the retail media and loss‑prevention markets.” – Kyle Hall, Chief Executive Officer and Director.