VANCOUVER, BC / ACCESSWIRE / June 30, 2022 / Verisante Technology, Inc. (NEX:VER.H) (the "Company") is pleased to announce it has received a proposed private placement for $98,580.00 for 9,858,000 common shares at a price of $0.01 (the "Market Price"). The private placement is subject to TSX-V review and acceptance. The securities to be issued will bear a legend with the required hold period expiring four months plus one day from issuance. No finder's fees will be paid in association with the proposed private placement.
Insiders have participated in the private placement as to 9,858,000 ($98,580). This participation constitutes a "related party transaction" within the meaning of Multilateral Instrument 61‐101 Protection of Minority Security Holders in Special Transactions ("MI 61‐101"), however it is exempt from the valuation and minority shareholder approval requirements of MI 61‐101 by virtue of the exemptions contained in Sections 5.5(c) and 5.7(b) of MI 61‐101, in that the fair market value of the shares purchased by the insiders are being purchased for cash, do not exceed $2,500,000, and the Company's shares are listed on the NEX Board of the TSX-V Exchange.
Neither the issuer nor, to the knowledge of the issuer after reasonable inquiry, the related parties have knowledge of any material information concerning the issuer or its securities that has not been generally disclosed.
The Company intends to use the net proceeds for general corporate purposes and working capital. Part of the proceeds will be used to pay for management fees to the CEO or $2500 per month and the CFO of $1500 per month. The Company does not intend to spend any of the funds on Investor Relations other than issuing press releases in the normal course and has no other intended specific use representing 10% or more of gross proceeds. While the Company intends to spend the net proceeds from the offering as stated above, there may be circumstances where, for sound business reasons, funds may be reallocated at the discretion of the Board.
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.
Thomas Braun, President & CEO
Verisante Technology, Inc.
Telephone: (604) 716-5133
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.