Share |

Verisante Technology, Inc. Announces Non Brokered Private Placement

October 15, 2014 at 4:22 pm

VANCOUVER, BRITISH COLUMBIA - Verisante Technology, Inc. (TSX-V: VRS, OTCQX: VRSEF) (the “Company” or “Verisante”), a leader in cancer detection technology, announced today it has closed a non-brokered private placement of 2,500,000 common shares at a price of $0.14 per share for gross proceeds of $350,000.

The private placement comes from Chinese Investors with whom the Company has entered into a previously announced Letter of Intent (“LOI”).  Under the terms of the LOI, the Investors have agreed to an equity investment of $2,150,000 into Verisante over the next 24 months.  Including the current $350,000, the Investors have now invested $650,000 of the $2,150,000.

The private placement is subject to all necessary regulatory and stock exchange approvals.  Securities issued pursuant to the private placement are subject to a hold period of four months plus one day from the date of distribution.  Net proceeds of the private placement will be used for working capital requirements.  A finder’s fee of 6% cash and 4% common shares shall be paid in connection with this private placement.

About Verisante Technology, Inc.

Verisante is a medical device company committed to commercializing innovative systems for the early detection of cancer. Verisante Aura™ for skin cancer detection and Verisante Core™ series for lung, colon and cervical cancer detection utilize a proprietary cancer detection platform, while the operating software and probe technology are unique to each device. The cancer detection platform was developed by the BC Cancer Agency and tested and refined at the Skin Care Centre at Vancouver General Hospital. This exclusive platform technology allows Verisante to develop and offer a range of compact, non-invasive cancer detection devices that offer physicians immediate results for many of the most common cancers. Aura™ has been approved for sale in Canada, Europe and Australia. Core™ has not yet been approved for sale.

Aura™ was awarded the 2014 North American Technology Innovation of the Year Award for In Vivo Cancer Detection by Frost & Sullivan,  Popular Science Magazine’s “Best of What’s New Award” for 2011, awarded a2013 Prism Award for Innovation in Photonics and an Edison Award for Excellence in Innovation in 2013. Core™ was named one of the top 10 cancer breakthroughs of 2011 by the Canadian Cancer Society.

The TSX Venture Exchange has neither approved nor disapproved of the contents of this press release. Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this press release.

Company Contact:                                                                                          

Thomas Braun, President & CEO                                                                              
Verisante Technology, Inc.                                                                         
Telephone: (604) 605-0507                                                                       

Forward Looking Statements

This release contains forward-looking statements, including, but not limited to, statements regarding the future commercialization of medical devices, the market demand for these products and the proprietary protections the Company will obtain with regard to the technology, all of which statements are subject to market risks, and the possibility that the Company will not be able to obtain patent protection or obtain sufficient customer demand. These statements are made based upon current expectations and actual results may differ from those projected due to a number of risks and uncertainties.

  Back to top