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Financings

Rapid Dose Announces Extension to Promissory Notes

By The Northwire Desk — AI Analysis Nov 28, 2025 · 20:17 DOSE · 0.16 Rapid Dose Therapeutics Corp.
DOSE · Price

Executive Summary

  • Rapid Dose Therapeutics Corp. announced the extension of the maturity date for its outstanding secured convertible notes from November 30 2025 to November 30 2026.
  • The extension carries a 5 % fee payable in common shares at $0.16 per share, raises the note interest rate to 18 % per annum (up from 12 %), and extends the expiry of associated warrants to November 30 2026 with an exercise price of $0.16.
  • The transaction is a related‑party amendment under MI 61‑101; insiders collectively hold roughly $1.70 M of the notes and participated in the extension.

Key Details

  • Original Financing (2023): 4 tranches, total principal $3,134,445 of convertible notes and 15,672,225 common share purchase warrants issued at $1.00 per unit.
  • Notes Extension: Aggregate $3,084,445 of notes will have maturity extended to 30 Nov 2026; one $50,000 note will be repaid in cash.
  • Extension Fee: 5 % of the principal, payable in common shares at $0.16 per share.
  • Interest Rate Change: Interest increased from 12 % to 18 % per annum, compounded monthly and added to principal; interest payable quarterly in common shares at market price on the CSE.
  • Warrant Adjustments: Expiry extended to 30 Nov 2026; exercise price set at $0.16 per share.
  • Conversion Price: Remains unchanged at $0.17 per share.
  • Prepayment Rights: Company may prepay notes with 10‑day notice, without bonus.
  • Accrued Interest Settlement: $62,860.65 of accrued interest to be settled in common shares on or before 15 Dec 2025 at the CSE closing price on 28 Nov 2025.
  • Hold Period: All securities issued under the extension and for interest payment are subject to a hold period of four months plus one day from issuance.
  • Related‑Party Transaction: Insiders holding $1,696,371 of notes participated in the extension (details of holdings by CEO Mark Upsdell and directors John McKimm, Christine Hrudka, Angela O’Leary). Exemptions under MI 61‑101 sections 5.5(b) and 5.7(1)(a) were relied upon.
  • Board Approval: Extension approved by a resolution of the board of directors.

Notable Quotes

(No direct quotes provided in the release.)

Read the original news release →

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