Biosenta Announces Note Financing
TORONTO, Jan. 28, 2021 (GLOBE NEWSWIRE) — Biosenta Inc. (“Biosenta” or the “Company”) listed on the CSE (CSE:ZRO) announces that it will enter into a series of prime plus 5% unsecured promissory notes (the “Notes”) in consideration for cash investments in the aggregate amount of $85,000 (together, the “Investment”). The Investment will provide capital for Biosenta to meet the financial requirements of its day-to-day operations and to continue its strategic business plan to grow the company and to capture the growing trend for safe, consumer, commercial and industrial disinfectant with anti-microbial compounds.
The Notes will become fully due and payable six (6) months from their date of issue along with interest calculated on the basis of a 365 day year for the actual days elapsed. The Investment will include an investment by Amarvir Singh Gill, Chief Executive Office, President and Director of Biosenta, in the amount of $25,000, as well as investment by various other arm’s length parties.The Investment is considered a related party transaction subject to Multilateral Instrument 61-101 (“MI 61-101”) as Amarvir Singh Gill is considered a related party. The Company is exempt from the formal valuation requirement as per section 5.5(b) of MI 61-101 as the Company is listed only on the CSE, and no exchanges specified in MI 61-101. The Company is exempt from the need to obtain minority shareholder approval as per section 5.7(b) of MI 61-10 as neither the fair market value of the Notes, nor the fair market value of the consideration received therefor exceeds $2,500,00 and each of the independent directors of Biosenta approved the Investment.About Biosenta Inc.Biosenta Inc. develops and manufactures a range of chemical compounds for household and industrial applications using advanced encapsulated nanotechnology.Other household disinfectants and cleaners possess similar levels of efficacy as traditional disinfectants. But Biosenta products contain significantly lower concentrations of active ingredients resulting in lower toxicity.Biosenta disinfectants and cleaners will kill 99.9% of potentially deadly mold, fungi, bacteria and viruses on contact and prevent re-growth. Biosenta disinfectants are very safe due to the very low toxicity. Biosenta industrial compounds are embedded to protect various materials, including drywall, plastic and resins, from microbe formation.These compounds remain active for decades and protect the drywall of buildings, objects such as resin furniture, and carpet rubber backing and synthetic tufts which contain plastic or resin, as well as textiles and paper from mold, fungi, bacteria and viruses. Both the Biosenta household and industrial products are environmentally safe and biodegradable.DisclaimerThe CSE has in no way passed upon the contents of this news release and further, has neither approved nor disapproved of the contents of this news 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.Forward-Looking StatementsThis press release contains forward-looking information within the meaning of applicable securities laws (“forward-looking statements”), including forward-looking statements relating the completion of the Investment and Biosenta’s business plans and strategy. Such forward-looking statements involve known and unknown risks, uncertainties, assumptions and other factors that may cause the actual results, performance or achievements to differ materially from the anticipated results, performance or achievements or developments expressed or implied by such forward-looking statements. If any such risks actually occur, they could impact the potential for discussion, agreement or completion of the Transaction and/or materially adversely affect the Company’s business, financial condition or results of operations. In that case, the trading price of the Company’s common shares could decline, perhaps materially. Readers are cautioned not to place undue reliance upon any such forward-looking statements, which speak only as of the date made. Forward-looking statements are provided for the purposes of providing information about management’s current expectations and plans relating to the future. Readers are cautioned that such information may not be appropriate for other purposes. The Company does not undertake or accept any obligation or undertaking to release publicly any updates or revisions to any forward-looking statements to reflect any change in the Company’s expectations or any change in events, conditions or circumstances on which any such statement is based, except as required by law.For further information contact: