Verisante Technology, Inc. Announces Exchange Acceptance for Shares for Debt Transactions

About this update from Verisante Technology, Inc.

[{"type":"text","content":"Verisante Technology, Inc. Announces Exchange Acceptance for Shares for Debt TransactionsVANCOUVER, BC / ACCESSWIRE / November 23, 2022 / Verisante Technology, Inc. (TSXV:VER.H)(NEX:VER.H) (the \"Company\") previously announced on October 19, 2022, that it agreed to convert certain payables owed to Creditors into common shares in the capital of the Company (the \"Settlement Shares\"). The Company proposed to issue the Settlement Shares to preserve cash to fund future operations. The Company is pleased to announce that it has received TSX-V Exchange acceptance for the proposed share for debt transaction and that the transaction will now be completed. A description of each of the transactions follows:The Company agreed to issue of 1,400,000 Settlement Shares at a deemed issuance price of $0.02 per Settlement Share valued at $28,000 plus $12,000 in cash for withholding taxes in full and final satisfaction of $1,257,850 in payables owing to the CEO for accrued salary up to September 30, 2022. Upon issuance of the Settlement Shares, the total accrued salary debt will be definitively extinguished.The Company agreed to issue of 400,000 Settlement Shares at a deemed issuance price of $0.02 per Settlement Share valued at $8,000 plus $2,000 in cash for withholding taxes in full and final satisfaction of $227,401 in payables owing to a former CFO for accrued salary up to September 30, 2022. Upon issuance of the Settlement Shares, the total accrued salary debt will be definitively extinguished.The Company agreed to issue of 1,400,000 Settlement Shares at a deemed issuance price of $0.02 per Settlement Share valued at $28,000 in full and final satisfaction of $28,000 in payables owing to the current CFO for accrued salary up to September 30, 2022. Upon issuance of the Settlement Shares, the total accrued salary debt will be definitively extinguished.The Company also agreed to issue a further 8,283,000 Settlement Shares at a deemed issuance price of $0.02 per Settlement Share valued at $165,660 to settle a loan of $150,000 in principal plus $15,666 of interest (10% per year) to the CEO of the Company.In total, the Company has agreed to settle $1,678,917 of payables in exchange for 11,483,000 shares and $14,000 in cash resulting in a gain on settlement of debt of $1,435,251.The proposed Settlement Shares are being issued to officers and a form...

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