Icetana's strategic financial move

Icetana (ASX:ICE), a leader in AI-based video analytics solutions, has announced the issuance of convertible notes valued at $720,000 to major shareholders. This strategic financial move aims to support the company's sales and operations until a larger capital raise is planned for Q3 FY2025.

Icetana's future plans and strategy

Icetana has issued unsecured convertible notes worth $720,000 to major shareholders Macnica Inc. and Skiptan Pty Ltd. The funds will support sales and ongoing activities until a larger capital raise in Q3 FY2025. Macnica, contributing $500,000, will gain a board seat and exclusive distribution rights in Japan, Brazil, Argentina, and Chile. Shareholder approval will be sought at the AGM on 29 November 2024. The funds will be used to enhance sales through new product offerings. Icetana plans a larger capital raise in 2025 to expand its market reach.

CEO Kevin Brown's insights

CEO Kevin Brown expressed satisfaction with the support from major shareholders, highlighting the strategic direction and market traction achieved with the new product suite.