Verisante Technology, Inc. Announces Update to Proposed RTO with SunRegen Healthcare AG

About this update from Verisante Technology, Inc.

[{"type":"text","content":"Verisante Technology, Inc. Announces Update to Proposed RTO with SunRegen Healthcare AGVANCOUVER, BC / ACCESSWIRE / October 31, 2024 / Verisante Technology, Inc. (TSXV:VER.H) (\"Verisante\") is pleased to announce a transaction update further to it's initial news release dated August 12, 2024, that it has entered into a binding Letter of Intent (\"LOI\") to acquire a 100% interest in SunRegen Healthcare AG (\"SunRegen\"), a Swiss pharmaceutical company. The proposed transaction is a Reverse Takeover (\"RTO\") pursuant to Policy 5.2 of the TSX Venture Exchange and the resulting issuer intends to qualify as a Tier 2 Life Sciences Issuer.Pre-RTO Private PlacementSunRegen is pleased to announce a proposed pre-RTO private placement with an accredited investor in the amount of CHF1,333,333.40 (CAD$2,128,768.10) based on a pre-money valuation of CHF20,000,000. The price per share is equivalent to $0.80 per share in the resulting issuer post-RTO closing.The investor will have a right to subscribe up to an additional CAD$2,000,000 of common shares at the same price per share within 90 days of the closing of the proposed RTO, subject to TSX-V Exchange Policies and acceptance. If the RTO transaction does not close by May 31, 2025, then SunRegen will issue 92,835 common shares to the investor at an issue price of CHF0.10.No finders' fees or commissions were paid by SunRegen in connection with the private placement. The transaction is subject to SunRegen's board of directors and shareholder approval to increase the allowable share capital in the company and filing the required documents with the Swiss corporate registry. The proceeds will be used to fund the regulatory approval process for SBC003 as well as RTO transaction costs such as audit and legal fees. It is anticipated that except for transaction related costs, that the capital will be preserved until the RTO closing and combined with the concurrent financing, the details of which will be disclosed in a forthcoming update once terms have been finalized.Definitive AgreementThe transaction terms previously announced will remain the same except that instead of a Share Exchange Agreement, the parties will proceed by way a Triangular Merger Agreement with the surviving entity being SunRegen Healthcare AG which will be a 100% owned subsidiary of Verisante. The change in the form of agreemen...

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