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WINNIPEG, MANITOBA--(Marketwired - March 27, 2017) - Kane Biotech Inc. (TSX VENTURE:KNE) (the "Corporation") announced that on March 27, 2017, it issued 80,251 common shares of the Corporation ("Common Shares") in payment of $12,439 in interest owing on the Corporation's $500,000 2 year 10% convertible redeemable unsecured note (the "Note") as at March 18, 2017. Pursuant to the terms of the Note, the Corporation has the option to issue Common Shares in lieu of cash in payment of interest on the Note at a deemed price per share equal to the market price of the Common Shares on the applicable interest payment date, subject to a minimum price of $.05 per share and the approval of the TSX Venture Exchange (the "Exchange"). The approval of the Exchange for the issuance of the Common Shares was obtained by the Corporation on March 23, 2017. The Common Shares issued by the Corporation are restricted from transfer for a period of four months from the date of issuance in accordance with applicable securities laws and TSX Venture Exchange policies. |
