Tevano Systems Holdings Inc. announced a non-brokered private placement of 4,000,000 units at a price of CAD 0.10 per unit for gross proceeds of CAD 400,000 on February 17, 2023. Each unit consists of one common share and one share purchase warrant. Each warrant is exercisable to purchase one common share at a price of CAD 0.20 per share for a period of 24 months after the issuance.

The company may pay finder's fee of up to 10% of the gross proceeds in the transaction. The transaction is subject to receipt of all necessary approvals including the approval of TSX Venture Exchange. All securities issued are subject to a hold period of four months and one day.

The transaction is expected to close on or before February 28, 2023.