VANCOUVER, BC, June 6, 2022
/CNW/ - Verisante Technology Inc. (NEX: VRS.H) on April 23, 2018, the Company announced that it had
entered into debt settlement agreements (collectively "Shares for
Debt Transactions") with certain creditors of the Company. These
transactions were suspended when the Company was subject to a
Failure to File Cease Trade Order on May 4,
2018 which was revoked on April 6,
2022. Pursuant to the settlement agreement the Company will
issue 15,154,182 common shares at a deemed price of $0.05 per share to settle $757,709.10 of outstanding debt subject to TSX-V
review and acceptance. All shares issued pursuant to the Shares for
Debt Transactions will be subject to a four-month-plus-one-day hold
period from the date of issuance. Some Shares for Debt Transactions
involve former directors of the Company and therefore may
constitute a related party transactions under Multilateral
Instrument 61-101 - Protection of Minority Securityholders in
Special Transactions ("MI 61-101"). The Company has determined that
it is exempt from the minority approval and formal valuation
requirements under MI 61-101 in respect of the Shares for Debt
Transactions, relying on the exemptions found in sections 5.5(1)(a)
and 5.7(1)(a) of MI 61-101. The participation by former directors
in the Shares for Debt Transactions has been approved by directors
of the Company who are independent in connection with such
transactions.
The Company also received a proposed private placement for
$10,000 on April 27, 2018 for 200,000 common shares at a
price of $0.05. This transaction was
suspended when the Company was subject to a Failure to File Cease
Trade Order on May 4, 2018 which was
revoked on April 6, 2022. All shares
issued pursuant to the private placement will be subject to a
four-month-plus-one-day hold period from the date of
issuance. No finders' fees will be paid in connection with
either of the transactions.
The TSX Venture Exchange Inc. has in no way passed upon the
merits of the proposed transaction and has neither approved nor
disapproved the contents of this news release.
Forward Looking Statements:
This release contains forward-looking statements all of which
statements are subject to market risks, and the possibility that
the Company will not be able to achieve all of its stated goals.
These statements are made based upon current expectations and
actual results may differ from those projected due to a number of
risks and uncertainties.
SOURCE Verisante Technology, Inc.
