Rapid Dose Completes Extension to Promissory Notes

Executive Summary

• Rapid Dose Therapeutics Corp. extended the maturity of its outstanding secured convertible notes from Nov 30, 2025 to Nov 30, 2026 and lengthened the expiry of associated warrants to the same date.
• The extension carries a 5 % fee paid in common shares at $0.16 per share and raises the note interest rate from 12 % to 18 % (compounded monthly).
• The transaction is a related‑party deal involving insiders; it was approved by the board under MI 61‑101 exemptions.

Key Details

• Original financing (July–Dec 2023) issued $3,134,445 principal amount of notes and 15,672,225 warrants at $1.00 per unit.
• Noteholders with $3,084,445 of notes consented to the extension; a $50,000 holder opted for cash repayment.
• Extension fee: 5 % of the extended principal, payable in common shares at $0.16/share → 530,115 shares issued to insiders.
• Interest rate increased to 18 % per annum, calculated and compounded monthly, payable quarterly in common shares at the CSE closing price on the last trading day of each quarter.
• Conversion price remains $0.17 per share; pre‑payment allowed with 10‑day notice, no bonus.
• On the original maturity date (Nov 30, 2025) the company issued 1,356,758 common shares at $0.16 to satisfy $62,860.65 of accrued interest.
• All securities issued under the extension and for interest payment are subject to a hold period of four months plus one day.
• Insiders’ holdings: total $1,696,371 of notes and 8,481,855 warrants; received 530,115 extension‑fee shares.
• The extension is deemed a related‑party transaction under MI 61‑101; the board approved it relying on exemptions for listed companies and market‑cap thresholds (<25 %).
• No material change report filed >21 days before closing; company considered timing reasonable given late finalization of related‑party participation.

Notable Quotes

(No direct quotes were provided in the release.)