Wesana Health Holdings Inc. (CSE: WESA.X) (OTCQB: WSNAF) (the “Company“), announced the execution of a Confidential Settlement and Release Agreement (“Settlement Agreement”) between Wesana Health Clinics Corp. (“Wesana”), a subsidiary of the Company, and APS Innovations LLC. (the “APS”) whereas the Parties agree to amend and restate the outstanding promissory note previously issued by APS to Wesana on September 1, 2022 in the original principal amount of US$1,223,989. The promissory note was issued pursuant to a certain Purchase Agreement dated as of August 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 to:
APS would pay Wesana US$50,000 (“Initial Payment”) (paid) pursuant to the Amended and Restated Promissory Note; within sixty days after the Effective Date APS will pay Wesana an additional US$250,000 pursuant to the Amended and Restated Promissory Note, provided APS may, upon written email notice to Wesana, extend the time period during which it is required to make payment hereunder by thirty days so that it may complete the capital raise it has initiated to fund the payment hereunder; and an additional amount equal to US$500,000 in principal shall be paid as and when required pursuant to the Amended and Restated Promissory Note.
Wesana was an emerging life sciences 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 psychedelics business and disposed of the assets in 2023 and is now looking for new business opportunities.