Kane Biotech Announces Private Placement Offering
Not for distribution to U.S. news wire services or dissemination in the United States
WINNIPEG, Manitoba, March 15, 2022 (GLOBE NEWSWIRE) -- Kane Biotech Inc. (TSX-V:KNE) (the “Company” or “Kane Biotech”) today announced its intention to undertake a non-brokered private placement offering (the “Offering”) of up to 10,000,000 common shares (“Shares”) at a price of $0.10 per Share for gross proceeds of up to $1,000,000.
The net proceeds of the Offering will be used for general working capital.
“Kane continues to generate momentum across our three lines of business, each with significant and achievable milestones in 2022,” said Marc Edwards, CEO of Kane Biotech. “I’m confident the proceeds of this offering will contribute significantly toward these milestones being realized.”
Certain persons may assist the Company by introducing potential subscribers for the Offering and, subject to compliance with applicable legislation, may be entitled to receive a finder’s fee and/or broker warrants in such amount as may be determined by the Company.
The Offering is subject to receipt of all necessary approvals, including the approval of the TSX Venture Exchange.
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.
About Kane Biotech
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 (81 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® , Aledex™, bluestem™, bluestem® , silkstem™, goldstem™, coactiv+™, coactiv+® , DermaKB™ and DermaKB Biofilm™ are trademarks of Kane Biotech Inc. The Company is listed on the TSX Venture Exchange under the symbol "KNE" and on the OTCQB Venture Market under the symbol “KNBIF”.
For more information:
|Marc Edwards||Ray Dupuis||Nicole Sendey|
|Chief Executive Officer||Chief Financial Officer||Investor Relations/PR|
|Kane Biotech Inc||Kane Biotech Inc||Kane Biotech Inc|
|+1 (514) 910-6991||+1 (204) 298-2200||+1 (250) 327-8675|
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in 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 law. 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 common shares, volatility of the market price of its common 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.
Released March 15, 2022