Sharp Therapeutics Announces Closing of Third Tranche of Unsecured Convertible Note Offering

Executive Summary

• Sharp Therapeutics closed the third tranche of its non‑brokered private placement, issuing 200 unsecured convertible notes for gross proceeds of approximately US $200,000.
• Total commitments under the Note Offering now total 400 notes (≈US $400,000) with two additional tranches expected around April 10 and April 20, 2026.
• The notes carry a 6% annual simple interest rate, are convertible at US $2.00 per share, and the net proceeds will be used for general working capital.

Key Details

• Third Tranche Closing: 200 notes issued at US $1,000 each; gross proceeds ≈US $200,000.
• Overall Commitment: 400 notes total (≈US $400,000) pending two further tranches on or about April 10 and April 20, 2026.
• Conversion Terms: Each note convertible at US $2.00 per common share; conversion may be exercised any time prior to the maturity date (12 months after each closing).
• Interest Rate: 6.0% per annum, simple interest accrued monthly in arrears; payable in cash on the maturity date.
• Use of Proceeds: General working capital purposes.
• TSXV Extension: Conditional approval deadline extended from March 20 to April 20, 2026 to allow orderly completion of remaining tranches.
• Related‑Party Participation: STX Partners, LLC (an insider) subscribed for the entire third tranche (200 notes, US $200,000). Exempt from minority shareholder approval under MI 61‑101.
• Holding Period: All notes subject to a 4‑month plus 1‑day hold period and TSXV approval.
• No Fees Paid: No bonus, finder's fee, commission or other compensation was paid in connection with the offering.
• Common Share Offering Postponed: Previously announced private placement of common shares has been postponed; further details to be provided later.

Notable Quotes

• “The successful closing of this tranche provides us with essential capital to advance our pre‑clinical programs and maintain operational momentum,” – Scott Sneddon, PhD, JD, CEO/CSO, Sharp Therapeutics Corp.