Kane Biotech Provides Update on Previously Announced Private Placement
January 23 2020 - 5:00PM
Kane Biotech Inc. (TSX-V:KNE) (the “Company” or “Kane Biotech”), in
accordance with the policies of the TSX Venture Exchange (“TSX-V”),
wishes to provide an update on the status of the non-brokered
private placement of the Company’s units (“Units” and each a
“Unit”) at $0.14 per Unit for gross proceeds of up to $3,500,000
(the “Offering”), initially announced by the Company on December 4,
2019. Each Unit offered under the Offering consists of a common
share of the Company (a “Common Share”) and one-half of one Common
Share purchase warrant (each, a “Warrant”). Each whole Warrant is
exercisable into a Common Share at $0.18 per Common Share for 24
months following issuance. As more particularly described in the
press release dated December 4, 2019, the Company reserves to right
to call the Warrants issued under the Offering at their exercise
price of $0.18 per Warrant in the event that the Common Shares
traded on the TSX-V have a closing price at or exceeding $0.25 per
Common Share for five (5) consecutive trading days.
The Company completed the first tranche of the
Offering on December 19, 2019 by placing 17,918,137 Units for gross
proceeds of $2,508,539.18. Due to continuing interest, the Company
is pleased to confirm that it anticipates closing the second and
final tranche of the Offering of up to 7,081,863 Units in the
coming weeks.
About Kane Biotech Inc.
Kane Biotech is a biotechnology company engaged
in the research, development and commercialization of technologies
and products that prevent and remove microbial biofilms. The
Company has a portfolio of biotechnologies, intellectual property
(56 patents and patents pending, trade secrets and trademarks) and
products developed by the Company's own biofilm research expertise
and acquired from leading research institutions. StrixNB™,
DispersinB®, bluestem™, AloSera™, coactive+™ and Kane® are
trademarks of Kane Biotech Inc. The Company is listed on the TSX
Venture Exchange under the symbol "KNE."
For more information, please
visit www.kanebiotech.com, or
contact:
Marc EdwardsChief Executive OfficerKane Biotech Inc. +1 (514)
910-6991medwards@kanebiotech.com
Ray Dupuis Chief Financial OfficerKane Biotech Inc. +1 (204)
298-2200rdupuis@kanebiotech.com
Stephen KilmerInvestor RelationsKane Biotech Inc.+1 (646)
274-3580skilmer@kanebiotech.com
Neither the TSX Venture Exchange nor its
Regulation Services Provider (as that term is defined in the
policies of the TSX Venture Exchange) accepts responsibility for
the adequacy or accuracy of this release.
Caution Regarding Forward-Looking
Information
This press release contains certain statements
regarding Kane Biotech Inc. that constitute forward-looking
information under applicable securities laws. These statements
reflect management's current beliefs and are based on information
currently available to management. Certain material factors or
assumptions are applied in making forward-looking statements, and
actual results may differ materially from those expressed or
implied in such statements. These risks and uncertainties include,
but are not limited to, risks relating to the Company's: (a)
financial condition, including lack of significant revenues to date
and reliance on equity and other financing; (b) business, including
its early stage of development, government regulation, market
acceptance for its products, rapid technological change and
dependence on key personnel; (c) intellectual property including
the ability of the Company to protect its intellectual property and
dependence on its strategic partners; and (d) capital structure,
including its lack of dividends on its Shares, volatility of the
market price of its Shares and public company costs. Further
information about these and other risks and uncertainties can be
found in the disclosure documents filed by the Company with
applicable securities regulatory authorities, available at
www.sedar.com. The Company cautions that the foregoing list of
factors that may affect future results is not exhaustive.
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