Verisante Technology, Inc. Announces Exchange Acceptance of Shares for Debt Transaction

About this update from Verisante Technology, Inc.

[{"type":"text","content":"Verisante Technology, Inc. Announces Exchange Acceptance of Shares for Debt TransactionVANCOUVER, BC / ACCESSWIRE / March 30, 2024 / Verisante Technology, Inc. (TSX-V:VER.H) (the \"Company\") previously announced on March 14, 2024, that it had 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 acceptance of the proposed shares for debt transaction from the TSX-V Exchange and approval of the board of directors including the disinterested directors and that the transaction will now be completed. A description of each of the transactions follows:The Company has agreed to issue of 4,400,000 Settlement Shares at a deemed issuance price of $0.01 per Settlement Share valued at $44,000.00 in full and final satisfaction of $44,000.00 in payables owing to the current CEO for accrued management fees for 6 months up to March 1, 2024 in the amount of $30,000.00 and expenses paid on behalf of the Company of $14,000.00. Upon issuance of the Settlement Shares, the total accrued salary debt will be definitively extinguished.The Company has also agreed to issue a further 1,200,000 Settlement Shares at a deemed issuance price of $0.01 per Settlement Share valued at $12,000.00 in full and final satisfaction of $12,000.00 in payables owing to the current CFO for 6 months of accrued management fees up to March 1, 2024. Upon issuance of the Settlement Shares, the total accrued salary debt will be definitively extinguished.In total, the Company has agreed to settle $56,000.00 of payables in exchange for 5,600,000 Settlement Shares.The proposed Settlement Shares are being issued to officers of the Company. Pursuant to Multilateral Instrument 61-101 - Protection of Minority Security Holders in Special Transactions (\"MI 61-101\"), the settlement of the Debt will constitute a \"related party transaction\" as such officers are considered a related party to the Company. The Company is entitled to rely on section 5.7 exemptions from the meeting requirement in section 5.6. The non-cash transactions are exempt under section 5.7(1)(a) as they amount to less than 25% of the outstanding capital of the Company. The cash transaction is e...

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