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WINNIPEG, Manitoba, Jan. 23, 2020 (GLOBE NEWSWIRE) -- Kane Biotech Inc. (KNE.V) (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:
Chief Executive Officer
Kane Biotech Inc.
+1 (514) 910-6991
Chief Financial Officer
Kane Biotech Inc.
+1 (204) 298-2200
Kane Biotech Inc.
+1 (646) 274-3580
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.