Nice. Looks like the creditors put a value of $.05/share.
"VANCOUVER, BC, June 6, 2022 /CNW/ - Verisante Technology Inc. (NEX: VRS.H) on April 23, 2018, the Company announced that it had entered into debt settlement agreements (collectively "Shares for Debt Transactions") with certain creditors of the Company. These transactions were suspended when the Company was subject to a Failure to File Cease Trade Order on May 4, 2018 which was revoked on April 6, 2022. Pursuant to the settlement agreement the Company will issue 15,154,182 common shares at a deemed price of $0.05 per share to settle $757,709.10 of outstanding debt subject to TSX-V review and acceptance. All shares issued pursuant to the Shares for Debt Transactions will be subject to a four-month-plus-one-day hold period from the date of issuance. Some Shares for Debt Transactions involve former directors of the Company and therefore may constitute a related party transactions under Multilateral Instrument 61-101 - Protection of Minority Securityholders in Special Transactions ("MI 61-101"). The Company has determined that it is exempt from the minority approval and formal valuation requirements under MI 61-101 in respect of the Shares for Debt Transactions, relying on the exemptions found in sections 5.5(1)(a) and 5.7(1)(a) of MI 61-101. The participation by former directors in the Shares for Debt Transactions has been approved by directors of the Company who are independent in connection with such transactions.
The Company also received a proposed private placement for $10,000 on April 27, 2018 for 200,000 common shares at a price of $0.05. This transaction was suspended when the Company was subject to a Failure to File Cease Trade Order on May 4, 2018 which was revoked on April 6, 2022. All shares issued pursuant to the private placement will be subject to a four-month-plus-one-day hold period from the date of issuance. No finders' fees will be paid in connection with either of the transactions."
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