TORONTO, ONTARIO--(Marketwired - June 26, 2014) - BIOSENTA INC. ("Biosenta" or the "Company") (CSE:ZRO), is pleased to announce that as a result of recent achievements in growing distribution channels, and other corporate and balance sheet improvements, the Board of Directors has approved issuing up to $1 million in debentures (the "Debentures") at any time during the next quarter. Biosenta is pleased to announce today that it has closed on, and issued, Debentures in the aggregate principal amount of $665,000.
The terms of the Debentures include a term of 2 years, interest payable quarterly at 6% per annum and, at the option of the Company, a conversion to equity at 40 cents per common share at any time after the Company's common shares have traded at 50 cents or higher for 30 or more consecutive trading days. Upon conversion to common shares, for each share issued, a full warrant exercisable at $1.00 and having a term of 2 years from the date of conversion will also be issued.
Proceeds of the Debentures will be used to fund accounts receivables for its growing sales, ongoing market development expenses related to the launch in the US of ZeroMold Plus(TM) pending permission being granted by the EPA, and general working capital purposes.
Upon subscriptions meeting $1 million for this debenture, Bassett Financial Corporation ("BFC") will have satisfied its agreement to ensure that $1 million would be funded as a second tranche of financing under the BFC Advisory Agreement announced March 27, 2014.
"This is a significant milestone for Biosenta as it demonstrates Biosenta is maturing as a corporation and is earning the trust of its investors to complete the tasks and milestones that have been planned and announced by the company," said Biosenta Chairman, Bruce Lewis. As we continue to succeed at achieving the milestones that we have set out and communicated to our shareholders on March 27, we believe that our balance sheet will continue to get stronger just as the company gets stronger and continues to demonstrate a clear focus on the growth objectives of the company."
About Biosenta Inc.
Biosenta Inc.'s line of retail 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 can cause brain damage.
On behalf of the Board of Directors of Biosenta Inc.
Chris Bilz, CEO & President
The CSE 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 CSE nor its Regulation Services Provider (as such term is defined in the policies of the CSE) 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 Relations contact:
Investor Cubed Inc.
647-258-3311 or 888-258-3323
Source: Biosenta Inc.