ICEsoft Technologies Canada Corp. announced a non-brokered private placement of secured convertible promissory notes for gross proceeds of $800,000 on August 29, 2022. The notes bear an interest of 15% per annum and will have a term of 36 months.

The notes are convertible into common A shares a price of ACD 0.05 per share. The transaction is expected to close on September 9, 2022. The notes are restricted and are subjected to a four month and one day holding period.

The transaction is subject to approval of the Canadian Securities Exchange. The transaction is expected to close in multiple tranches.