Business
Lobe Sciences Provides Corporate Update
VANCOUVER, BRITISH COLUMBIA / ACCESS Newswire / April 4, 2025 /Lobe Sciences Ltd. ("Lobe" or the "Company") (CSE:LOBE)(OTCQB:LOBEF)(FWB:LOBE.F), a commercial stage biopharmaceutical company focused on developing products using lipid technology to ...
About this update from Lobe Sciences Ltd
[{"type":"text","content":"VANCOUVER, BRITISH COLUMBIA / ACCESS Newswire / April 4, 2025 / Lobe Sciences Ltd. ("Lobe" or the "Company") (CSE:LOBE)(OTCQB:LOBEF)(FWB:LOBE.F), a commercial stage biopharmaceutical company focused on developing products using lipid technology to treat diseases with significant unmet medical needs is providing a corporate update with respect to certain recent transactions. The Company wishes to provide notice of the following transactions:","length":464,"tagName":"p"},{"type":"list","items":[{"val":[{"type":"text","content":"On March 14, 2024, the Company issued C$678,450 (US$500,000) principal amount of convertible notes (the "Notes"). The Notes were secured against the Company's intellectual property. The security interest has since been released. The Notes bear interest at 10% per annum and mature on March 15, 2027. The Notes are convertible into common shares in the capital of the Company ("Common Shares") upon listing of the Common Shares on the Australian Securities Exchange Ltd. or another recognized securities exchange in the United States or Australia (collectively, a "Designated Stock Exchange") prior to maturity at any initial public offering price. The Company and the holder of the Notes have agreed to amend the Notes to comply with the policies of the Canadian Securities Exchange (the "CSE") and to provide that the conversion price shall be equal to the lowest price permitted by the policies of the CSE.","length":952,"tagName":"p"}]}],"tagName":"ul","bulletedList":true,"length":952,"olType":false},{"type":"list","items":[{"val":[{"type":"text","content":"On April 4, 2024, the Company issued 16,424,220 Common Shares in settlement of C$318,782 owing by the Company to Clearway Global, LLC ("Clearway"), a related party.","length":174,"tagName":"p"}]}],"tagName":"ul","bulletedList":true,"length":174,"olType":false},{"type":"list","items":[{"val":[{"type":"text","content":"On May 15, 2024, the Company issued C$1,462,716 (US$1,072,609) principal amount of convertible notes (the "Settlement Notes") in satisfaction of outstanding accounts payable. The Settlement Notes bear interest at 10% per annum and mature on May 15, 2027. The Settlement Notes are convertible upon a change of control or upon listing of the Common Shares on a Designated St...