Rakovina Therapeutics increases financing

Executive Summary

• Rakovina Therapeutics has upsized its previously announced financing to a total of approximately $2.0 million through two concurrent non-brokered private placements.
• The financing structure includes an additional $1.0 million via unsecured convertible debentures and a separate $1.0 million via the issuance of common shares.
• Proceeds are designated for near-term working capital and strategic initiatives while the company evaluates longer-term financing options.

Key Details

• Total Upsized Financing: Approximately $2.0 million.
• Debenture Component:
  • Amount: Additional $1.0 million.
  • Instrument: Unsecured convertible debenture.
  • Maturity Date: January 28, 2029.
  • Interest Rate: 12% per annum, payable semi-annually in cash.
  • Conversion Price: 20 cents per common share.
• Equity Component:
  • Amount: Up to $1.0 million in gross proceeds.
  • Instrument: Common shares.
  • Quantity: Up to 8,333,334 common shares.
  • Price: 12 cents per share.
  • Finder’s Fees: The company may pay finders' fees to eligible finders introducing subscribers to this specific equity tranche.
• Warrants:
  • Quantity: Two million (2,000,000) common share purchase warrants attached to the debenture.
  • Exercise Price: 20 cents per common share.
  • Expiration: January 28, 2029.
  • Adjustments: Subject to customary adjustments.
• Use of Proceeds: Near-term working capital to support continuing corporate activities and strategic initiatives; evaluation of longer-term financing alternatives.
• Conditions Precedent: Closing is subject to obtaining necessary corporate and regulatory approvals, including TSX Venture Exchange approval, and execution of definitive subscription agreements.
• Hold Period: Securities are subject to a statutory hold period of four months plus one day from the date of issuance pursuant to Canadian securities laws.
• Status: A subsequent news release will be issued once financing terms are finalized.

Notable Quotes

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