Surenano Science closes $245,000 private placement

Executive Summary

• Surenano Science Ltd. has closed a private placement financing of 2.45 million common shares at $0.10 per share, raising total proceeds of $245,000.
• The financing includes $85,000 in debt conversion from a related party, Charles Malette, who also contributed $110,000 in cash.
• Upon completion of the debt settlement, Mr. Malette will hold 40% of the company's issued common shares.

Key Details

• Total Shares Issued: 2,450,000 common shares.
• Price Per Share: $0.10.
• Total Gross Proceeds: $245,000.
• Debt Conversion: $85,000 of the proceeds resulted from the conversion of debt owed to related party Charles Malette.
• Cash Proceeds: $160,000 (Total $245,000 minus $85,000 debt conversion).
• Use of Proceeds: Operating expenses (including legal and audit fees) and general working capital. No proceeds will be used for investor relations activities.
• Hold Period: All securities issued are subject to a four-month-and-a-day hold period.
• Related Party Transaction: Charles Malette (President, Secretary, and Director) participated by purchasing shares for $110,000 cash and converting $85,000 in debt.
• Regulatory Exemption: The transaction is exempt from valuation and minority shareholder approval requirements under National Instrument 61-101 as it amounts to less than 25% of capitalization.
• Post-Transaction Ownership: Mr. Malette will own 9,621,600 shares, representing 40% of the common shares issued upon completion of the debt settlement.
• Other Participants: All other participants in the private placement are arm's-length parties.