These changes include:
-- Converted accounts payable totaling
$60,000owed to the ex CFO for prior services into shares with the ex CFO agreeing to use this payable to exercise 300,000 options previously awarded with a strike price of 20 centsper. -- As part of the ongoing effort to clean up the balance sheet of the Company, an error has been discovered whereby 1,333,333 warrants were issued when in fact 1,333,333 shares should have been issued. This was part of the private placement announced on January 28, 2014. The new corrected amounts that should have been disclosed in that press release is the Company issued 8,794,869 shares at an average price of 12.73 centsper Unit. The company is also cancelling 1,333,333 warrants that were previously issued. This private placement occurred after the date of the last financial statements issued and will not result in any restatement of financial statements. -- Completed a private placement for 1,564,000 Units consisting of one common share at a price of $0.15per share, and a half of one warrant with a strike price of 20 centsand an expiration date of November 30, 2015. The proceeds of $234,600net of fees were used to repay certain accounts payable and to replenish working capital. All securities issued are subject to a four-month hold period. -- Issuance of $100,000worth of shares at 15 centsper share, to Bruce Lewis, now Chairman, in lieu of any cash salary for the twelve months commencing April 1, 2014. -- Satisfaction of $33,660of accounts payable to non-insider individuals in exchange for shares issued at 15 cents. -- Negotiated full deferment of payables totalling $190,000with existing suppliers whereby payment will be made as a 10% premium to be invoiced on future invoices. -- Negotiated 6 to 12 month deferments of payables totalling $27,000in exchange for long term payments totalling $1,000per month until the principal value of the debt has been satisfied with no interest being added.
On behalf of the Board of Directors of
The CNSX has in no way passed upon the merits of the proposed transaction and has neither approved nor disapproved of the contents of this press release. Neither the CNSX nor its Regulation Services Provider (as such term is defined in the policies of the CNSX) accepts responsibility for the adequacy or accuracy of this release.
FOR FURTHER INFORMATION PLEASE CONTACT:
Biosenta Inc. Chris BilzCEO & President (416) 410 2019 Investor Cubed Inc. Neil SimonInvestor Relations 647-258-3311 or 888-258-3323 email@example.com Source: Biosenta Inc.