Kane Biotech Announces Closing of Private Placement Offering with an Insider of the Company

Executive Summary

• Kane Biotech completed a non‑brokered private placement of 14 million common shares at $0.05 per share, generating gross proceeds of $700,000.
• All shares were sold to an insider; net proceeds will be used for working capital and general corporate purposes.
• The transaction is classified as a related‑party transaction but is exempt from formal valuation and minority‑approval requirements under MI 61‑101.

Key Details

• Offering Size: 14,000,000 common shares issued.
• Price per Share: $0.05.
• Gross Proceeds: $700,000.
• Buyer: An insider of Kane Biotech Inc. (specific identity not disclosed).
• Use of Proceeds: Working capital and general corporate purposes.
• Hold Period: Shares subject to a four‑month + one‑day hold period from issuance date.
• Closing Conditions: Closing remains subject to final approval by the TSX Venture Exchange.
• Related‑Party Transaction Status: Deemed a “related party transaction” under MI 61‑101; exempt from formal valuation and minority‑approval requirements per Subsections 5.5(a) and 5.7(1)(a).

Notable Quotes

(No executive quotes were included in the release.)