Business
Kane Biotech Announces Closing of Private Placement Offering and Loan with Insiders of the Company
Not for distribution to U.S. news wire services or dissemination in the United States WINNI...
About this update from Kane Biotech Inc.
[{"type":"text","content":"Kane Biotech Announces Closing of Private Placement Offering and Loan with Insiders of the Company\n\n\n\n\n Not for distribution to U.S. news wire services or dissemination in the United States\n \n\n\n WINNIPEG, Manitoba, May 05, 2025 (GLOBE NEWSWIRE) -- Kane Biotech Inc. (TSX-V:KNE OTCQB:KNBIF) (the “\n \n Company\n \n ”, “\n \n Kane\n \n ” or “\n \n Kane Biotech\n \n ”) announces that today it has completed its previously announced non-brokered private placement offering (the “\n \n Offering\n \n ”) of common shares of the Company (“\n \n Shares\n \n ”).\n \n\n At the closing of the Offering, Kane issued 12,000,000 Shares at a price of $0.10 per Share for gross proceeds of $1,200,000 to two insiders of the Company.\n \n\n The net proceeds of the Offering will be used for working capital and general corporate purposes.\n \n\n 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.\n \n\n The closing of the Offering remains subject to the final approval of the TSX Venture Exchange.\n \n\n The Company also announces today that it has received an unsecured loan from an insider of the Company in the amount of $1,000,000 (the “Loan”). The Loan does not bear interest and is repayable on demand.\n \n\n The foregoing transactions are deemed to be \"related party transactions\" as defined under Multilateral Instrument 61-101 -\n \n Protection of Minority Security Holders in Special Transactions\n \n (\"MI 61-101\"). The Company is exempt from the formal valuation and minority approval requirements for related party transactions pursuant to Subsection 5.5(a) and Subsection 5.7(1)(a) of MI 61-101, respectively.\n \n\n 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.\n \n\n\n About Kane Biotech\n \n\n\n Kane Biotech is developing ...