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Verisante Announces Non Brokered Private Placement


March 19, 2011 at 12:06 am

Vancouver, Canada: Verisante Technology, Inc. (TSX-V: VRS, PINKSHEETS: VRSEF) (the “Company” or “Verisante”) announces that it intends to complete a non-brokered private placement of up to 12,500,000 units at a price of $0.40 per unit for proceeds of up to $5,000,000 (the “Offering”).  Each unit will comprise of one common share and one common share purchase warrant (the “Warrants”).  Each Warrant will entitle the holder to purchase one common share at a price of $0.50 per share with an expiry date of 24 months from the closing of the private placement.  Closing of the Private Placement is scheduled on or before April 15, 2011 or at any other such time as the Company may decide, subject to the approval of the TSX Venture Exchange and other customary conditions.  The common shares will be subject to a four month statutory hold period.

The net proceeds of the private placement will be used to fund the Company's commercialization of Verisante Aura™ and working capital requirements.  Commissions may be paid in connection with the private placement consisting of 10% of the gross proceeds of the Offering, and broker’s warrants entitling the holder thereof to acquire Shares in an amount equal to 10% of the number of Shares sold by the Broker, which broker warrants shall have the same terms as the Warrants.  Finder’s Fees may be paid in connection with the private placement in accordance with TSX Venture Exchange policy.

About Verisante

Verisante is a medical device company committed to commercializing innovative systems for the early detection of cancer. The Verisante Aura™ for skin cancer detection and the 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 on approximately 1,000 lesions 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 immediate results for many of the most common cancers.

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.

For further information contact:

Verisante Technology, Inc.
Thomas Braun, President & CEO   
Telephone: 1-877-605-0507

Email: info@verisante.com
Website:  www.verisante.com

 
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.

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