Kane Biotech closes $700,000 private placement with company insider

Kane Biotech Inc. (TSX-V: KNE) completed a private placement offering on December 18, issuing 14 million common shares at $0.05 per share to a company insider for gross proceeds of $700,000.

The Winnipeg-based company said it will use the net proceeds for working capital and general corporate purposes. All securities issued are subject to a four-month and one-day hold period from the date of issuance.

The transaction qualifies as a related party transaction under Multilateral Instrument 61-101, but Kane Biotech is exempt from formal valuation and minority approval requirements under specific subsections of the regulation.

The closing remains subject to final approval from the TSX Venture Exchange.

Kane Biotech develops wound care treatments that target biofilms, which contribute to antibiotic resistance in wounds. The company's revyve antimicrobial wound gel products have received U.S. FDA 510(k) clearance and Health Canada approval.

You May Also Be Interested In

• Aethlon Medical prices $4M follow-on stock offering at $0.71 per share
• Trident Digital Tech CEO to convert $8M debt to equity ahead of EGM
• Bitmine reports 5.74M ETH holdings, total assets of $11.1B