Mr. Daniel Carcillo reports
WESANA HEALTH ANNOUNCES RESTRUCTURING OF PROMISSORY NOTE RECEIVABLE
Wesana Health Holdings Inc. has executed a confidential settlement and release agreement between Wesana Health Clinics Corp., a subsidiary of the company, and APS Innovations LLC, whereas the parties agree to amend and restate the outstanding promissory note previously issued by APS to Wesana on Sept. 1, 2022, in the original principal amount of $1,223,989 (U.S.). The promissory note was issued pursuant to a certain purchase agreement dated as of Aug. 31, 2022, when APS acquired from Wesana all of the equity of interest of Advanced Psychiatric Management LLC.
Simultaneous to the execution of this settlement agreement, APS would deliver to Wesana an amended and restated promissory note, memorializing the following payment obligations to which APS agrees:
- APS would pay Wesana $50,000 (U.S.) (paid) pursuant to the amended and restated promissory note;
- Within 60 days after the effective date, APS will pay Wesana an additional $250,000 (U.S.) pursuant to the amended and restated promissory note, provided APS may, upon written e-mail notice to Wesana, extend the time period during which it is required to make payment hereunder by 30 days so that it may complete the capital raise it has initiated to finance the payment hereunder;
- An additional amount equal to $500,000 (U.S.) in principal shall be paid as and when required pursuant to the amended and restated promissory note.
About Wesana Health Holdings Inc.
Wesana was an emerging life science company, championing the development and delivery of psychedelic and naturally sourced therapies to treat traumatic brain injury. The company was developing evidence-based formulations and protocols that empower patients to overcome neurological, psychological and mental health ailments caused by trauma. It discontinued the psychedelic business and disposed of the assets in 2023, and is looking for new business opportunities.
We seek Safe Harbor.
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