In This Article:
Not for distribution to U.S. news wire services or dissemination in the United States
WINNIPEG, Manitoba, Feb. 19, 2025 (GLOBE NEWSWIRE) -- Kane Biotech Inc. (TSX-V:KNE OTCQB:KNBIF) (the “Company”, “Kane” or “Kane Biotech”) announces that today it has completed the second and final closing of its previously announced non-brokered private placement offering (the “Offering”) of common shares of the Company (“Shares”).
At the second and final closing of the Offering, Kane issued 4,235,000 Shares at a price of $0.10 per Share for gross proceeds of $423,500. Accordingly, pursuant to the Offering, Kane has issued an aggregate total of 16,985,000 Shares for aggregate consideration of $1,698,500.
The net proceeds of the Offering will be used for working capital and general corporate purposes.
All securities issued in connection with the Offering are subject to a hold period of four-months and one day from the date of issuance.
In connection with the second and final closing of the Offering, the Company paid compensation to eligible finders consisting of a cash commission of $24,510 and 245,100 common share broker warrants (“Broker Warrants”). Each full Broker Warrant entitles the holder thereof to purchase one Share of the Company for a period of 18 months at an exercise price of $0.15 per Share.
The closing of the Offering remains subject to the final approval of the TSX Venture Exchange.
“This latest financing provides Kane Biotech with the flexibility to aggressively pursue government funding opportunities and strategic investments that align with our long-term vision," said Marc Edwards, CEO of Kane Biotech. "We are committed to leveraging these resources to drive growth and innovation, positioning the company for continued success in the months and years ahead."
This press release does not constitute an offer to sell or the solicitation of an offer to buy these securities, nor shall it constitute an offer, solicitation or sale in any jurisdiction in which such offer, solicitation or sale is unlawful. These securities have not been, and will not be, registered under the United States Securities Act of 1933, as amended, or any state securities laws, and may not be offered or sold in the United States or to U.S. persons unless registered or exempt therefrom
About Kane Biotech
Kane Biotech Inc. is a biotechnology company engaged in the research, development and commercialization of technologies and products that prevent and remove microbial biofilms. Kane has a portfolio of biotechnologies, intellectual property (65 patents and patents pending as well as trade secrets and trademarks) and products developed by Kane's own biofilm research expertise and acquired from leading research institutions. DispersinB®, coactiv+™, coactiv+®, DermaKB™, DermaKB Biofilm™, and revyve™ are trademarks of Kane Biotech Inc. Kane is listed on the TSX Venture Exchange under the symbol "KNE" and on the OTCQB Venture Market under the symbol “KNBIF”.