Surrey, British Columbia--(Newsfile Corp. - January 22, 2025) - INEO Tech Corp. (TSXV: INEO) (OTCQB: INEOF) (the "Company" or "INEO") announces that, further to its news release of December 18, 2024, it has closed the final tranche (the "Final Tranche") of the non-brokered private placement announced in its news release of August 6, 2024 (the "Financing"). The Company issued an additional 20,000,000 common shares (the "Shares") at a price of $0.05 per Share to Coenda Investment Holdings Corp. ("Coenda"), a private British Columbia investment company, resulting in Coenda holding an aggregate of 80,000,000 Shares, representing approximately 50.33% of the outstanding Shares of the Company.
The Financing has resulted in the creation of a new Control Person (as defined in the policies of the TSX Venture Exchange (the "TSXV")), which was approved by shareholders of the Company at its annual general and special meeting of shareholders held on October 11, 2024. The Company received conditional acceptance from the TSXV for closing of the Final Tranche on October 17, 2024 and again on January 17, 2024. The Shares issued in the Final Tranche are subject to a hold period expiring May 21, 2025. No finder's fees were paid in connection with the Financing.
Greg Watkin, Chair of the Board and President of INEO, stated: "We are proud to announce the successful completion of this financing round, a pivotal achievement for our company. This investment underscores the confidence in our vision and strategy as we drive forward with growth and innovation. The funds raised will enable us to strengthen our capabilities, provide greater value to our customers and shareholders and seize emerging market opportunities. With the backing of our investors, we are energized to accelerate our journey toward profitability and long-term success."
The Company intends to use the net proceeds of the Financing for general corporate purposes, including the installation of the INEO platform and technology into retail operations, development and acquisition of new technology for the INEO platform and working capital.
Early Warning Disclosure
This closing increased the holdings of Coenda, a company controlled by Kerem Akbas, from 60,000,000 Shares, representing 44.07% of the outstanding shares, to 80,000,000 Shares, representing 50.33% of the issued and outstanding Shares of the Company, on a non-diluted basis. Neither Coenda nor Kerem Akbas held any securities of the Company prior to the closing of the first tranche of the Financing.
Coenda acquired these securities for investment purposes and, as will be disclosed in the early warning report to be filed within two (2) business days of closing, may in the future acquire or dispose of securities of the Company, through the market, privately or otherwise, as circumstances or market conditions warrant.
This news release is being issued under the early warning provisions of Canadian securities legislation. A copy of the early warning report to be filed by Coenda in connection with the transaction described above will be available under the Company's profile on SEDAR+ at (www.sedarplus.ca).
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".
For more information please visit:
Websites: www.ineosolutionsinc.com
www.ineoretailmedia.com
LinkedIn: www.linkedin.com/company/ineosolutions
For further information: Kyle Hall, CEO, INEO Tech Corp., investor@ineosolutionsinc.com, (604) 244-1895
Forward-Looking Statements
Investors are cautioned that, except as disclosed in the disclosure document, 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.
Certain statements in this press release may contain forward-looking information (within the meaning of Canadian securities legislation), including, without limitation, the intended use of proceeds of the Financing. These statements address future events and conditions and, as such, involve known and unknown risks, uncertainties, and other factors, which may cause the actual results, performance, or achievements to be materially different from any future results, performance, or achievements expressed or implied by the statements. Forward-looking statements speak only as of the date those statements are made. Although the Company believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results may differ materially from those in the forward-looking statements. Factors that could cause the actual results to differ materially from those in forward-looking statements include regulatory actions, market prices, and continued availability of capital and financing, and general economic, market or business conditions. Investors are cautioned that any such statements are not guarantees of future performance and actual results or developments may differ materially from those projected in the forward-looking statements. Forward-looking statements are based on the beliefs, estimates and opinions of the Company's management on the date the statements are made. Except as required by applicable law, the Company assumes no obligation to update or to publicly announce the results of any change to any forward-looking statement contained or incorporated by reference herein to reflect actual results, future events or developments, changes in assumptions, or changes in other factors affecting the forward-looking statements. If the Company updates any forward-looking statement(s), no inference should be drawn that it will make additional updates with respect to those or other forward-looking statements.
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.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/238033
SOURCE: INEO Tech Corp.
