Surenano arranges debt settlement, private placement

Executive Summary

• Surenano Science Ltd. announced a recapitalization strategy involving a debt settlement with insider Charles Malette for $85,000 and a private placement raising up to $215,000, totaling up to 3 million shares at $0.10 per share.
• The company held its Annual General and Special Meeting (AGSM) on August 8, 2025, where shareholders unanimously re-elected four directors, appointed Buckley Dodds CPA as auditor, and approved an omnibus long-term incentive plan.
• Proceeds from the private placement will be used for operating expenses, including legal, audit fees, and general working capital, with a four-month-and-one-day hold period on issued securities.

Key Details

• Debt Settlement:
  • Settled with insider/director Charles Malette.
  • Total value: $85,000.
  • Exempt from valuation and minority shareholder approval under National Instrument 61-101 (amount less than 25% of capitalization).
  • Post-settlement ownership: Mr. Malette will own 8,521,600 shares, representing 34.8% of the common shares then issued.
• Private Placement:
  • Maximum proceeds: $215,000.
  • Price per share: $0.10.
  • Total shares to be issued (combined with debt settlement): Up to 3,000,000 shares.
  • Investors: Arm's-length investors.
  • Hold Period: Four months and one day for all securities issued in the private placement.
  • Use of Proceeds: Operating expenses, including legal and audit fees, and general working capital.
• Annual General and Special Meeting (AGSM) Results:
  • Date: August 8, 2025.
  • Quorum: 10 shareholders voted (in person or by proxy), representing 15,083,100 common shares (70.29% of issued and outstanding shares).
  • Director Elections: Unanimous election of all four directors standing for election.
  • Auditor Appointment: Unanimous appointment of Buckley Dodds CPA as the company's auditor.
  • Incentive Plan: Unanimous approval of the company's omnibus long-term incentive plan.

Notable Quotes

• No direct quotes from the CEO/President were included in the provided text.