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SURREY,
BC, Nov. 17, 2022 /CNW/ - INEO Tech
Corp. (TSXV: INEO) (OTCQB: INEOF) ("INEO" or the
"Company"), the innovative developer and operator of the
INEO Media Network, a digital advertising and analytics solution
for retailers, has closed its previously announced best efforts
public offering of 12,025,000 units (the "Units") of the
Company at a price of $0.12 per Unit
for aggregate gross proceeds of 1,443,000 (the
"Offering").
Each Unit consisted of one common share of the Company (a
"Common Share") and one-half of one common share
purchase warrant (each whole warrant, a "Warrant"). Each
Warrant is exercisable to acquire one Common Share (a "Warrant
Share") for a period of 36 months following the closing of the
Offering (the "Closing") at an exercise price of
$0.19 per Warrant Share.
The Offering was conducted by a syndicate of agents led by
Beacon Securities Limited (the "Lead Agent") and including
Echelon Wealth Partners Inc., PI Financial Corp., Haywood
Securities Inc., and Paradigm Capital Inc. (collectively with the
Lead Agent, the "Agents"). On Closing the Company issued to
the Agents an aggregate of 923,720 compensation warrants, with each
compensation warrant entitling the holder to purchase one Common
Share at a price of $0.12 per share
for 36 months from the date of issuance.
The Company intends to use the net proceeds from the Offering
for the manufacturing and deployment of the INEO Welcoming System
to existing and future customers, as well as for working capital
and general corporate purposes.
The Offering was completed by way of a short-form prospectus
filed in each of the Provinces of Canada, except Quebec. The securities offered have not been,
nor will they be, registered under the United States Securities Act
of 1933, as amended, and may not be offered or sold in the United States or to, or for the account or
benefit of, U.S. persons absent registration or an applicable
exemption from the registration requirements. This news release
will not constitute an offer to sell or the solicitation of an
offer to buy nor will there be any sale of the securities in any
state in which such offer, solicitation or sale would be
unlawful.
Concurrent with the Offering, the Company completed a
non-brokered private placement of 2,500,000 Units at the Issue
Price for gross proceeds of $300,000.
Units sold under this non-brokered private placement are subject to
statutory hold period of four-month and one day from the date of
issuance. No finder's fees or commissions were paid on the
non-brokered private placement.
Additionally, the Company completed its previously announced
$1,000,000 non-brokered private
placement of unsecured promissory notes (the "Notes") with
Pathfinder Asset Management Limited. The Notes bear interest at 12%
per annum payable semi-annually and will mature three years after
the date of issue. In connection with the issuance of the
Notes the Company also issued 1,428,571 bonus shares to the
purchaser of the Notes, being equal to 20% of the principal amount
of the Notes divided by $0.14.
"We are very appreciative of our shareholders who supported us
in this financing and we welcome new investors to the INEO
family. This funding will strengthen our balance sheet,
thereby allowing us to continue to execute on our existing
commitments with our large retail chain customers and accomplish
our growth plans for 2023. This financing represent a key
component of INEO's roll-out and expansion plans across the
globe."
About INEO Tech Corp.:
INEO Tech Corp., through its wholly owned subsidiary, INEO
Solutions Inc., operates the INEO Media Network, a digital
advertising and analytics solution for retailers. INEO's patented
technology integrates and monetizes digital screens with theft
detection sensor gates at the entrance of retail stores. The
Company's cloud-based platform uses IoT (Internet of Things) and AI
(Artificial Intelligence) technology to deliver customized digital
advertising to each retail location based on the demographic mix,
such as age and gender, of customer traffic at each location. The
Company also deploys the INEO Welcoming Network technology through
a SaaS-based solution to larger retail chains. INEO is
headquartered in Surrey, Canada
and publicly traded on the TSX-Venture Exchange under the symbol
"INEO" and on the OTCQB Venture Market under the symbol
"INEOF".
Forward-Looking
Statements:
Investors are cautioned that, except as disclosed in the final
prospectus, 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. This news release contains
forward-looking information, which involves known and unknown
risks, uncertainties and other factors that may cause actual events
to differ materially from current expectations. Forward looking
statements made in this news release include the anticipated timing
of the completion of the Offering and Concurrent Private Placement,
and the use of proceeds from each of the Offering and Concurrent
Private Placement. Important factors – including the receipt
of regulatory approvals, availability of funds, acceptance of the
Company's products, competition, and general market conditions that
could cause actual results to differ materially from the Company's
expectations are disclosed in the Company's documents filed on
SEDAR, including the Annual Information Form for the period ended
June 30, 2022 filed on SEDAR
November 4, 2022 (see www.sedar.com).
Readers are cautioned not to place undue reliance on these
forward-looking statements, which speak only as of the date of this
press release. The Company disclaims any intention or obligation,
except to the extent required by law, to update or revise any
forward-looking statements, whether as a result of new information,
future events or otherwise.
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.
SOURCE INEO Tech Corp.