Sharp Therapeutics closes $500,000 convertible note offering

Sharp Therapeutics Corp. (TSXV: SHRX) (OTCQB: SHRXF) completed the first tranche of its convertible note offering, raising $500,000 through the issuance of 500 notes at $1,000 each, according to a company statement.

The notes carry a 6% annual interest rate and can be converted into common shares at $2.00 per share within 12 months of the closing date. The company plans to use proceeds for general working capital purposes.

Company insiders participated in the offering, purchasing $350,000 of the total amount. STX Partners purchased $200,000 in notes, while Newlin Investment Company acquired $100,000. CEO Scott Sneddon and Brooks Family Office each bought $25,000 worth of notes.

STX Partners committed an additional $800,000 to be invested in four tranches of $200,000 each, scheduled for March 13, March 27, April 10, and April 24, 2026.

The insider participation constituted a related-party transaction under Canadian securities regulations. Sharp Therapeutics stated it qualified for exemptions from formal valuation and minority shareholder approval requirements because the transaction value represents less than 25% of the company's market capitalization.

The notes were issued through private placement in Canada and the United States under applicable securities law exemptions. All notes are subject to a four-month-plus-one-day hold period and require TSX Venture Exchange approval.

Sharp Therapeutics develops small-molecule treatments for genetic diseases and operates as a preclinical-stage biotechnology company based in Pittsburgh and Toronto.

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