VANCOUVER, BC / ACCESSWIRE / July 13, 2022 / Verisante Technology, Inc. (NEX:VER.H)(TSXV:VER.H) (the "Company") is pleased to announce that further to its news release of June 30, 2022, it has received TSX-V acceptance and closed 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 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 proceeds for general corporate purposes such as accounting fees, audit fees, listing fees, filing fees, general and administrative expenses and working capital. The use of proceeds in the news release of June 30, 2022, has been amended. The Company will not spend any of the proceeds on management fees paid to the CEO or CFO or 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.
Company Contact:
Thomas Braun, President & CEO
Verisante Technology, Inc.
Telephone: (604) 716-5133
Email: info@verisante.com
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.
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