Rakovina Therapeutics closes first tranche, upsizes private placement

Rakovina Therapeutics Inc. (TSX-V: RKV) (FSE: 7JO0) has closed the first tranche of a non-brokered private placement, raising $1,394,000 through the issuance of 13,940,000 units at $0.10 per unit, according to a press release.

Each unit consists of one common share and one-half of one common share purchase warrant. Each whole warrant allows the holder to acquire one additional share at $0.20 for 24 months from the date of issue.

The company also announced it is increasing the total size of the offering from $1,500,000 to up to $2,000,000 and extending the closing deadline by 30 days to September 10, 2026.

In connection with the first tranche, Rakovina paid $85,315 in cash finder's fees and issued 853,150 finder's units to arm's length finders on equivalent terms.

Insiders purchased 1,900,000 units for aggregate gross proceeds of $190,000. Participating insiders included CEO and Director Kim Oishi, through First Growth Equity Partners Inc., and CFO and Director David Kideckel. Insider-held units are subject to a four-month-and-one-day hold period under TSX Venture Exchange policies.

Proceeds are intended to fund in vivo ADME and efficacy testing for the company's kt-5000AI dual ATR/mTOR inhibitor program, AI-driven lead optimization through its collaboration with Variational AI, advancement of the kt-3000 LNP formulation program, ongoing kt-2000AI compound development, and general working capital.

The offering remains subject to customary closing conditions, including TSXV approval. The company expects to close one or more additional tranches before the extended deadline.

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