VANCOUVER, BC /ACCESSWIRE/June 30, 2022/ Verisante Technology, Inc. (NEXT:VER.H, Financial) (the “Company”) is pleased to announce that it has received a proposed private placement of $98,580.00 for 9,858,000 common shares at a price of $0.01 (the “Market Price”). The private placement is subject to review and acceptance by the TSX-V. Securities to be issued will bear a legend with the required holding period expiring four months plus one day from issue. No finder’s fee will be paid in connection with the proposed private placement.
Insiders participated in the private placement in the amount of 9,858,000 ($98,580). This investment constitutes a “related party transaction” within the meaning of National Instrument 61-101 – Protection of Minority Security Holders in Special Transactions (“MI 61-101”), but is exempt from the requirements for valuation and MI 61.‐101 Minority Shareholder Approval under the exemptions contained in NI 61‐101 Sections 5.5(c) and 5.7(b), in that the fair market value of shares purchased by insiders is purchased in cash, does not exceed $2,500,000, and the Company’s shares are listed on the NEX table of the TSX-V Exchange.
Neither the issuer nor, to the issuer’s knowledge after reasonable inquiry, any related party has knowledge of any material information about 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. A portion of the proceeds will be used to pay management fees to the CEO or $2500 per month and the CFO $1500 per month. The Company does not intend to spend the funds on investor relations other than issuing press releases in the normal course and has no other specific intended uses representing 10% or more of gross proceeds. Although the Company intends to spend the net proceeds of the offering as set out 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 on the merits of the proposed transaction and has neither approved nor disapproved of the contents of this press release.
Thomas Braun, President and CEO
Verisante Technology, Inc.
Phone: (604) 716-5133
E-mail: [email protected]
This release contains forward-looking statements, all of which are subject to market risks and the possibility that the Company may not be able to achieve all of its stated objectives. These statements are made on the basis of current expectations and actual results may differ from those projected due to a number of risks and uncertainties.
THE SOURCE: Verisante Technology, Inc.
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