Business
INEO Tech Corp. Announces Closing of Private Placement and Debt Settlement
SURREY, BC / ACCESS Newswire / June 16, 2026 /INEO Tech Corp. (TSXV:INEO)(OTCQB:INEOF, currently trading as INEOD until early July 2026 due to the recent share consolidation) (the "Company" or "INEO") announces that further to its news releases dated ...
About this update from Ineo Tech Corp.
[{"type":"text","content":"SURREY, BC / ACCESS Newswire / June 16, 2026 / INEO Tech Corp. (TSXV:INEO)(OTCQB:INEOF, currently trading as INEOD until early July 2026 due to the recent share consolidation) (the "Company" or "INEO") announces that further to its news releases dated May 4, 2026, and May 28, 2026, the Company closed its previously announced non-brokered private placement of Shares (the "Share Offering"), issuing 15,000,000 Shares, at a price of $0.10 per Share for gross proceeds of $1,500,000.","length":512,"tagName":"p"},{"type":"text","content":"The Company expects to use the proceeds from the Share Offering for working capital, inventory purchases, production requirements, customer deployment costs and general corporate purposes. The Shares issued are subject to a statutory hold period of four months and one day from the date of issuance in accordance with applicable securities laws.","length":345,"tagName":"p"},{"type":"text","content":"Further to the Company's news release dated May 4, 2026, the Company has also issued an aggregate of 4,578,880 Shares in the capital of the Company (the "Debt Shares") at a deemed price of $0.10 per Debt Share to settle $457,888 in debt (the "Debt") owed to certain creditors (the "Debt Settlement"). Each of the Debt Shares is subject to a statutory four month and one day hold period in accordance with applicable Canadian securities laws.","length":475,"tagName":"p"},{"type":"text","content":"An insider of the Company purchased 3,894,430 Shares in the Share Offering maintaining the insider's interest in the Company at approximately 19.9%. In addition, 1,116,000 Debt Shares were also issued to an insider as part of the Debt Settlement. Each transaction constitutes a "related party transaction" under Multilateral Instrument 61-101 - Protection of Minority Security Holders in Special Transactions ("MI 61-101"). The Company is relying on exemptions from the formal valuation and minority shareholder approval requirements of MI 61-101 for each transaction pursuant to sections 5.5(a) and 5.7(1)(a) thereof, as each of the fair market value of the Shares subscribed for in the Share Offering, and the fair market value of the Shares issued to insiders in the Debt Settlement, does not exceed 25% of the Company's market capitalizat...