Verisante Technology, Inc. Completes Share-for-Debt Transaction Following Exchange and Board Approval

Verisante Technology, Inc., a Vancouver-based company, has announced the successful completion of its shares for debt transaction. The company initially disclosed its plan on March 14, 2024, to convert certain payables to its current CEO and CFO into common shares to conserve cash for upcoming operations. The TSX Venture Exchange granted acceptance, and the board of directors, including disinterested members, approved the transaction.

Under the terms of the agreement, Verisante will issue a total of 5,600,000 common shares. Specifically, 4,400,000 shares will be allocated to the CEO to settle $44,000 in accrued management fees and expenses, while 1,200,000 shares will go to the CFO to resolve $12,000 in payables. This share issuance, valued at $0.01 per share, equates to the market price per the TSX Venture Exchange policies and will be subject to a four-month holding period. The transaction is classified as a "related party transaction" but is exempt from shareholder meeting requirements due to its size relative to the company’s capital.

Verisante's strategy focuses on merging with companies in its target sectors that offer strong growth or value creation potential for its shareholders. This share-for-debt settlement facilitates the company's financial management while adhering to regulatory exemptions and approvals.