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

Executive Summary

• Sharp Therapeutics closed the second tranche of its non‑brokered private placement, issuing 200 unsecured convertible notes for gross proceeds of approximately US $200,000.
• The total committed amount under the offering now stands at 600 notes (≈US $600,000) to be issued in three additional tranches on or about March 27, April 10 and April 24, 2026.
• Net proceeds will be used for general working capital; each note bears 6% simple annual interest and is convertible at US $2.00 per share prior to a 12‑month maturity date.

Key Details

• Second Tranche Completion: 200 notes issued at US $1,000 per note → gross proceeds ≈ US $200,000.
• Total Commitment: After this tranche, 600 notes are committed for ≈ US $600,000 total gross proceeds.
• Future Tranches Schedule: Remaining three tranches expected on or about Mar 27, Apr 10, and Apr 24, 2026.
• Conversion Terms: Each note convertible at the holder’s option into common shares at a conversion price of US $2.00 per share, exercisable any time before the 12‑month maturity date following each closing.
• Interest Rate: 6.0% per annum, simple interest accrued monthly in arrears; payable in cash on the maturity date.
• Use of Proceeds: Funds will be applied to general working capital purposes.
• Insider Participation: STX Partners, LLC (an insider) subscribed for all 200 notes in this tranche ($200,000). The transaction is a related‑party deal but exempt from formal valuation or minority shareholder approval under MI 61‑101.
• Regulatory Exemptions: Notes offered privately under Canadian securities exemptions; also offered in the U.S. and other jurisdictions pursuant to applicable registration exemptions.
• Holding Period & Exchange Approval: All notes subject to a 4‑month + 1‑day hold period and require TSX Venture Exchange approval.
• No Compensation Paid: No bonus, finder's fee, commission or other compensation was paid in connection with the offering.

Notable Quotes

(None provided in the release)