Kane Biotech Inc. (TSX-V:KNE), a biotechnology company engaged in the development and commercialization of products that prevent and remove microbial biofilms (the “Company”), today announces a non-brokered private placement offering (the “Offering”) for gross proceeds of up to $1,500,000 from the sale of up to 12,500,000 units (“Units”) at a price of $0.12 per Unit. Each Unit will be comprised of one common share of the Company (a “Share”) and one Share purchase warrant (a “Warrant”). Each Warrant will expire 18 months from the date the Warrant is issued and will entitle the holder to purchase one Share at a price of $0.17 per Share.
Certain persons may assist the Company by introducing potential subscribers for the Offering and, subject to compliance with applicable legislation, will be entitled to receive a finder’s fee, payable in cash and share purchase warrants, as permitted by law and the policies of the TSX Venture Exchange.
The net proceeds of the Offering will be used for the Company’s research and development program and for working capital purposes.
The Offering is subject to receipt of all necessary approvals, including the approval of the TSX Venture Exchange.