Toronto, Ontario--(Newsfile Corp. - February 21, 2024) - Biosenta Inc. (CSE: ZRO) (the "Company" or "Biosenta"), is pleased to announce that it has entered into debt settlement agreements with certain creditors, pursuant to which the Company agreed to settle an aggregate amount of $784,919 in outstanding debt (the "Transaction") in exchange for the issuance of 1,962,297 units at a price of $0.40 per unit (each, a "Unit"), in accordance with the policies of the Canadian Securities Exchange.
Each Unit consists of one common share of the Company (each a, "Common Share") and one half of one common share purchase warrants (each whole warrant, a "Warrant"). Each Warrant entitles the holder thereof to acquire, subject to adjustment in certain events, one Common Share at an exercise price of $0.80 for a period of 18 months from the Transaction closing date.
The securities that were issued are subject to a four-month plus one day "hold period" expiring June 22, 2024, as prescribed by applicable Canadian securities laws.
As a result of the issuance, there are 29,618,888 Common Shares of Biosenta issued and outstanding on a non-diluted basis.
The Transaction does not otherwise affect Biosenta's day-to-day business and affairs.
Further details of the Transaction can be found in Biosenta's press release dated January 31, 2024, and the material change report in connection therewith filed on January 31, 2024, each of which are available under Biosenta's profile on SEDAR+ at www.sedarplus.ca.
About Biosenta Inc.
Biosenta is a Canadian-based company that develops and manufactures a range of safe and environmentally sound chemical compounds for household and industrial applications.
For further details on the Company please see the Company's publicly available documents filed on the System for Electronic Document Analysis and Retrieval+ (SEDAR+).
For further information please contact:
Am Gill, President and CEO of Biosenta Inc. | Phone: 416-410-2019
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/198807
SOURCE: Biosenta Inc.
