Rakovina Therapeutics Inc. Announces Closing of $1.5 Million Convertible Debenture Financing
2023年5月30日 - 9:57AM
Rakovina Therapeutics Inc. (“
Rakovina” or the
“
Company”) (
TSX-V: RKV) is
pleased to announce that it has closed its previously announced
non-brokered private placement (the “
Offering”) of
unsecured convertible debenture units of the Company (the
“
Debenture Units”) for aggregate gross proceeds to
the Company of approximately $1.5 million.
Each whole Debenture Unit is deemed to consist
of $50,000 in principal amount of unsecured convertible debenture
of the Company (each, a “Debenture”) and 100,000
common share purchase warrants of the Company (the
“Warrants”), with each Warrant entitling the
holder thereof to acquire one common share of the Company (a
“Warrant Share”) at a price of $0.15 per Warrant
Share for a period of 30 months ending November 29, 2025.
The Debentures will (i) mature 30 months
following the closing date of the Offering (the “Closing
Date”), unless earlier converted or redeemed, and (ii)
accrue interest at a rate of 12% per annum which is due and payable
semi-annually commencing on the date that is six (6) months
following the Closing Date. Interest on each Debenture is payable,
at the option of the holder, in common shares of the Company
(“Common Shares”), pursuant to the terms and
conditions of the indenture governing the Debentures.
Each $1,000 (or any integral multiple thereof)
in principal amount of Debenture is convertible, at the option of
the holder, into Common Shares (the “Debenture
Shares”) at a conversion price of $0.20 per Debenture
Share. Rakovina is entitled to redeem each Debenture starting 12
months following the Closing Date by paying a redemption premium on
the outstanding principal amount of Debenture equal to 2%, subject
to certain limitations.
Rakovina intends to use the net proceeds of the
Offering for research and development expenses primarily to advance
its lead kt-3000 dual function DNA-damage response inhibitor
program toward human clinical trials and for general working
capital purposes.
Insiders subscribed for 22 Debenture Units in
the Offering for aggregate gross proceeds to the Company of $1.1
million. The issuance of such Debenture Units constitutes a related
party transaction under Multilateral Instrument 61-101 – Protection
of Minority Security Holders in Special Transactions (“MI
61-101”) and Policy 5.9 by the TSX Venture Exchange
(“TSX-V”). The Company is relying on exemptions
from the formal valuation and minority shareholder approval
requirements under MI 61-101 on the basis that neither the fair
market value of the Debenture Units issued to interested parties
(as defined in MI 61-101), nor the consideration received for those
Debenture Units, exceeds 25% of the Company’s market
capitalization. No new insiders were created, nor has there been a
Change of Control (as defined in TSX-V Policies) as a result of
closing the Offering. The Company did not file a material change
report more than 21 days before the Closing Date, as the details
and amounts of insider participation was not finalized until
shortly prior to the Closing Date.
Pursuant to applicable Canadian securities laws,
all securities issued and issuable in connection with the Offering
will be subject to a four (4) month and one day hold until
September 30, 2023. The Offering remains subject to final
acceptance by the TSX-V and all regulatory approvals.
The TSX-V has neither approved nor disapproved
the content of this press release. Neither the TSX-V nor its
Regulation Services Provider (as that term is defined in policies
of the TSX-V) accepts responsibility for the adequacy or accuracy
of this release.
About Rakovina Therapeutics
Inc.
Rakovina Therapeutics Inc. is focused on the
development of new cancer treatments based on novel DNA-damage
response technologies. The Company has established a pipeline of
novel DNA-damage response inhibitors with the goal of advancing one
or more drug candidates into human clinical trials and obtaining
marketing approval for new cancer therapeutics from Health Canada,
the United States Food and Drug Administration and similar
international regulatory agencies. Further information may be found
at www.rakovinatherapeutics.com.
Cautionary Statement Regarding
Forward-Looking Information
This press release may contain "forward-looking
statements" regarding the Company and its respective business
within the meaning of applicable Canadian securities laws,
including, without limitations, statements related to the use of
proceeds of the Offering. Forward-looking statements are
necessarily based upon a number of estimates and assumptions that,
while considered reasonable by management, are inherently subject
to significant business, economic and competitive uncertainties,
and contingencies. Often, but not always, forward-looking
statements can be identified by the use of words such as “plans”,
“is expected”, “expects”, “scheduled”, “intends”, “contemplates”,
“anticipates”, “believes”, “proposes” or variations (including
negative variations) of such words and phrases, or state that
certain actions, events, or results “may”, “could”, “would”,
“might” or “will” be taken, occur or be achieved.
The forward-looking events and circumstances
discussed in this press release may not occur by certain specified
dates or at all and could differ materially as a result of known
and unknown risk factors and uncertainties affecting the Company,
including risks regarding the medical device industry, economic
factors, regulatory factors, the equity markets generally and risks
associated with growth and competition. Although the Company has
attempted to identify important factors that could cause actual
actions, events, or results to differ materially from those
described in forward-looking statements, there may be other factors
that cause actions, events, or results to differ from those
anticipated, estimated or intended. No forward-looking statement
can be guaranteed. Except as required by applicable securities
laws, forward-looking statements speak only as of the date on which
they are made and the Company undertakes no obligation to publicly
update or revise any forward-looking statement, whether as a result
of new information, future events, or otherwise. The reader is
referred to the Company’s most recent filings on SEDAR for a more
complete discussion of all applicable risk factors and their
potential effects, copies of which may be accessed through the
Company’s profile page at www.sedar.com.
Contact:Rakovina Therapeutics Inc.David HymanChief
Financial OfficerEmail: info@rakovinatherapeutics.com |
Investor Relations Contact
IR@rakovinatherapeutics.com Media
ContactMEDIA@rakovinatherapeutics.com |
Rakovina Therapeutics (TSXV:RKV)
過去 株価チャート
から 4 2024 まで 5 2024
Rakovina Therapeutics (TSXV:RKV)
過去 株価チャート
から 5 2023 まで 5 2024