Vancouver, British Columbia – January 12, 2023 – NeutriSci International Inc. (“NeutriSci” or the “Company”)(TSX-V: NU, OTC PINK: NRXCF, FRANKFURT: 1N9), an innovative technology company developing products for the nutraceutical industry, is pleased to announce that it has completed the debt settlement (the “Debt Settlement”) previously announced on November 23, 2022, in which it settled an aggregate of $49,225.60 in outstanding debt.
The Debt Settlement resulted in the Company issuing 1,461,280 common shares to a non-arms length party in settlement of debt in the amount of $29,225.60, and 1,000,000 units to an arms length party (the “Units”) in settlement of debt in the amount of $20,000 at a price of $0.02 per common share and per Unit, respectively. Each Unit consists of one common share and one common share purchase warrant, with each warrant entitling the holder to acquire an additional common share of the Company at a price of $0.05 until January 11, 2025.
All of the securities issued in the Debt Settlement have a hold period of four months and one day, expiring May 12, 2023.
The Debt Settlement included participation by the Chief Executive Officer of the Company in the aggregate amount of 1,461,280 common shares. This participation constitutes a “related party transaction” within the meaning of Multilateral Instrument 61-101 – Protection of Minority Security Holders in Special Transactions (“MI 61-101”). The issuance of the common shares is exempt from the formal valuation and minority shareholder approval requirements of MI 61-101 as the fair market value of the shares issued to and the aggregate consideration paid did not exceed twenty- five percent of the Company's market capitalization.