WINNIPEG, Manitoba, May 26, 2026 (GLOBE NEWSWIRE) -- Kane Biotech Inc. (TSXV:KNE) (the "Company", "Kane" or "Kane Biotech") announces that today it has increased the size of its previously announced non-brokered private placement offering (the "Offering") of units of the Company ("Units") from up to $1,000,000 to $1,160,000 and has subsequently completed such Offering. The increase in the size of the Offering was driven primarily by outside investor demand.
At the closing of the Offering, Kane issued 23,200,000 Units at a price of $0.05 per Unit for gross proceeds of $1,160,000. Each Unit is comprised of one common share of the Company (a "Share") and one Share purchase warrant (a "Warrant"). Each Warrant entitles the holder thereof to purchase one additional Share of the Company for a period of 18 months at an exercise price of $0.06 per Share.
After a period of four months from the closing date of the Offering, in the event that the Shares traded on the TSX Venture Exchange (the "TSXV") have a closing price at or exceeding $0.09 per Share for five (5) consecutive trading days, the Company reserves the right to call the Warrants, at their exercise price of $0.06 per Warrant. If the Company wishes to call the Warrants, the Company must provide written notice to the holders of the Warrants that it is calling the Warrants. Investors will have thirty (30) days from the date of such notice to exercise the Warrants and, in the event that any Warrants are not exercised, such Warrants shall be cancelled.
The net proceeds of the Offering will be used for working capital and general corporate purposes.
All securities issued in connection with the Offering are subject to a hold period of four months and one day from the date of issuance.
