News Column

Biosenta Announces Additional Balance Sheet Improvements

May 16, 2014



TORONTO, ONTARIO--(Marketwired - May 16, 2014) - BIOSENTA INC. (CSE:ZRO) (the "Company") is pleased to report that it has taken several steps to reduce future liabilities and to maintain the necessary treasury to fund its activities going forward.

These changes include:

-- Converted accounts payable totaling $60,000 owed 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 cents per. -- 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 cents per 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 $0.15 per share, and a half of one warrant with a strike price of 20 cents and an expiration date of November 30, 2015. The proceeds of $234,600 net 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 $100,000 worth of shares at 15 cents per share, to Bruce Lewis, now Chairman, in lieu of any cash salary for the twelve months commencing April 1, 2014. -- Satisfaction of $33,660 of accounts payable to non-insider individuals in exchange for shares issued at 15 cents. -- Negotiated full deferment of payables totalling $190,000 with 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 $27,000 in exchange for long term payments totalling $1,000 per month until the principal value of the debt has been satisfied with no interest being added.



Biosenta is also pleased to confirm that it is making steady progress toward the National retail distribution contracts and toward the US EPA approval as announced in the March 27, 2014 press release.

About Biosenta Inc.

Biosenta Inc.'s retail line of anti-microbial products will effectively kill mould, bacteria and fungi on contact and prevent re-growth. These products address the demand created by the mounting health and environmental concerns. Mould can affect the immune system, nervous system, liver, kidneys, blood and cause brain damage.

On behalf of the Board of Directors of Biosenta Inc.

Chris Bilz, CEO & President

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 Bilz CEO & President (416) 410 2019 Investor Cubed Inc.Neil Simon Investor Relations 647-258-3311 or 888-258-3323 info@investor3.ca Source: Biosenta Inc.


For more stories on investments and markets, please see HispanicBusiness' Finance Channel



Source: Marketwire (Canada)


Story Tools






HispanicBusiness.com Facebook Linkedin Twitter RSS Feed Email Alerts & Newsletters