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INEO Announces Conversion of Debentures

In This Article:

Surrey, British Columbia--(Newsfile Corp. - February 26, 2025) - INEO Tech Corp. (TSXV: INEO) (OTCQB: INEOF) (the "Company" or "INEO") is pleased to announce that one insider and five arm's length parties have acquired an aggregate of 6,201,975 Common shares in the capital of the Company (the "Shares") pursuant to the conversion of the principal and accrued interest of convertible debentures (the "Debentures") issued in January and February 2024 (see press releases dated January 31, 2024 and February 16, 2024).

In accordance with the terms of the Debentures, an aggregate of $462,000 of principal was converted into 5,435,295 Shares and an aggregate of $54,047 of accrued interest was converted into 766,680 Shares.

Each Debenture is convertible into Share at a conversion price of $0.085 per Share until the date which is one (1) year from the date of issuance, and thereafter at an adjusted conversion price of $0.10 until the date which is three (3) years from the date of issuance (the "Maturity Date"). The Debentures bear interest at the rate of 12.0% per annum for a period expiring on the Maturity Date. In the event of a change of control, the Company may also redeem the principal amount and any unpaid interest of the Debentures in cash, without penalty, at any time prior to the Maturity Date by providing a ten (10) day notice period to the Debenture holder by way of a written notice. In the event of a change of control, the Company may also redeem the principal amount and any unpaid interest of the Debentures in cash, without penalty, at any time prior to the Maturity Date by providing a ten (10) day notice period to the Debenture holder by way of a written notice.

The Shares issued upon conversion of the Debentures have not been registered under the U.S. Securities Act of 1933, as amended, and may not be offered or sold in the United States absent registration or any applicable exemption from the registration requirements.

INEO Tech Corp.
Per: "Kyle Hall"
Kyle Hall, Chief Executive Officer and Director

About INEO Tech Corp. (TSXV: INEO) (OTCQB: INEOF)

INEO Tech Corp., through its wholly owned subsidiary, INEO Solutions Inc., operates the INEO Media Network, a digital advertising and analytics solution for retailers, and INEO Retail Media, an advertising sales provider for in-store retail media. INEO is headquartered in Surrey, Canada and publicly traded on the TSX-Venture Exchange under the symbol "INEO" and on the OTCQB under the symbol "INEOF".