Biosenta Announces Additional Balance Sheet Improvements
16 May 2014 - 10:00PM
Marketwired Canada
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
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