Kane Biotech Announces Proposed Amendments to its Credit Facility and Changes to its Board of Directors
March 01 2023 - 8:53AM
Kane Biotech Inc. (TSX-V:KNE; OTCQB:KNBIF) (the “Company” or “Kane
Biotech”) today announced that Pivot Financial I Limited
Partnership (“Pivot”) has agreed, in principle, to amend the terms
of the Company’s amended and restated credit agreement between
Pivot and the Company dated August 31, 2021, as amended (the
“Credit Facility”), by, among other things, increasing the size of
the Credit Facility from $4 million to $5 million and extending the
maturity date of the Credit Facility from February 28, 2023 to
August 31, 2023 (the “Proposed Amended Credit Facility”). The
Proposed Amended Credit Facility shall have an interest rate of 15%
per annum.
The Proposed Amended Credit Facility is subject
to the execution of definitive transaction documents and the
receipt of all necessary approvals.
The proposed $2 million loan transaction with
two lenders previously announced on December 29, 2022 will not
proceed.
The Company also announces that it has accepted
the resignations of Mark Nawacki, Sarah Prichard and Allan
Mandelzys as members of the board of directors of the Company
effective immediately.
About Kane Biotech
Kane Biotech is a biotechnology company engaged in the research,
development and commercialization of technologies and products that
prevent and remove microbial biofilms. The Company has a portfolio
of biotechnologies, intellectual property (80 patents and patents
pending, trade secrets and trademarks) and products developed by
the Company's own biofilm research expertise and acquired from
leading research institutions. StrixNB™, DispersinB® , Aledex™,
bluestem™, bluestem® , silkstem™, goldstem™, coactiv+™, coactiv+®,
DermaKB™ and DermaKB Biofilm™ are trademarks of Kane Biotech Inc.
The Company is listed on the TSX Venture Exchange under the symbol
"KNE" and on the OTCQB Venture Market under the symbol “KNBIF”.
For more information: |
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Marc Edwards |
Ray Dupuis |
Nicole Sendey |
Chief Executive Officer |
Chief Financial Officer |
Investor Relations/PR |
Kane Biotech Inc |
Kane Biotech Inc |
Kane Biotech Inc |
medwards@kanebiotech.com |
rdupuis@kanebiotech.com |
nsendey@kanebiotech.com |
+1 (514) 910-6991 |
+1 (204) 298-2200 |
+1 (250) 327-8675 |
Neither TSX Venture Exchange nor its Regulation
Services Provider (as that term is defined in policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release.
Caution Regarding Forward-Looking
Information
This press release contains certain statements
regarding Kane Biotech Inc. that constitute forward-looking
information under applicable securities law. These statements
reflect management’s current beliefs and are based on information
currently available to management. Certain material factors or
assumptions are applied in making forward-looking statements, and
actual results may differ materially from those expressed or
implied in such statements. These risks and uncertainties include,
but are not limited to, risks relating to the Company’s: (a)
financial condition, including lack of significant revenues to date
and reliance on equity and other financing; (b) business, including
its early stage of development, government regulation, market
acceptance for its products, rapid technological change and
dependence on key personnel; (c) intellectual property including
the ability of the Company to protect its intellectual property and
dependence on its strategic partners; and (d) capital structure,
including its lack of dividends on its common shares, volatility of
the market price of its common shares and public company costs.
Further information about these and other risks and uncertainties
can be found in the disclosure documents filed by the Company with
applicable securities regulatory authorities, available at
www.sedar.com. The Company cautions that the foregoing list of
factors that may affect future results is not exhaustive.
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