Kane Biotech Announces Closing of Private Placement Offering
WINNIPEG, MANITOBA Private Placement Oferring– Kane Biotech Inc., a biotechnology company engaged in the development of products that prevent and disperse microbial biofilms, has closed its private placement offering (the “Offering”) with aggregate gross proceeds to the Company of $250,000 from the sale of 3,571,429 units (“Units”) at a price of $0.07 per Unit. Each Unit is comprised of one common share of the Company (a “Share”) and one-half of one Share purchase warrant (a “Warrant”). Each whole Warrant will expire 18 months from the date the Warrant is issued (the “Expiry Date”) and will entitle the holder to purchase one Share at a price of $0.10 if purchased within 6 months from the date the Warrant is issued or $0.15 if purchased after 6 months up to the Expiry Date. The net proceeds of the Offering shall be used for research and development and working capital purposes. The Shares and Warrants will be restricted from transfer for a period of four months and a day from the date hereof in accordance with applicable securities laws and the policies of the TSX Venture Exchange.
Certain persons assisted the Company by introducing potential subscribers for the Offering and were paid a finder’s fee of up to 8% of the total subscription proceeds received from subscribers introduced to the Company by each particular person. Additionally, these persons were issued compensation warrants (“Compensation Warrants”) up to 7% of the total number of Units subscribed for by subscribers introduced to the Company by each particular person. Each Compensation Warrant entitles the holder thereof to purchase one Share at a price of $0.07 for a period of 12 months from the date of issue.
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