Verisante Technology, Inc. Announces Shares for Debt Agreements

About this update from Verisante Technology, Inc.

[{"type":"text","content":"Verisante Technology, Inc. Announces Shares for Debt AgreementsVANCOUVER, BC / ACCESSWIRE / March 14, 2024 / Verisante Technology, Inc. (TSXV:VER.H) (the \"Company\") is pleased to announce it has agreed to convert certain payables owed to Creditors into common shares in the capital of the Company (the \"Settlement Shares\"). The Company is proposing to issue the Settlement Shares in order to preserve cash to fund future operations.The Company has agreed to issue of 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 accrued management fees of six months since October 1, 2023. Upon issuance of the Settlement Shares, the total accrued salary debt will be definitively extinguished.The Company has also agreed to issue a further 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 in the amount of $30,000.00 and accrued expenses paid on behalf of the Company in the amount of $14,000.00. Upon issuance of the Settlement Shares, the total accrued 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. because the non-cash consideration transactions which are for accrued management fees and expenses are exempt under section 5.7(1)(a) as they amount to less than 25% of the outstanding capital of the Company. The price per Settlement Share is the current Market Price as defined in TSX Venture Exchange Policy 1.1.The Settlement Shares will be issued in reliance upon certain prospectus exemptions available under Canadian securities legislation and will be subject to a four month and one day hold period from the date ...

More updates from Verisante Technology, Inc.