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| Home : Philip Renaud Files Updated Early Warning Report in Respect of Kane Biotech Inc. |
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Dec 17
2015 |
Philip Renaud Files Updated Early Warning Report in Respect of Kane Biotech Inc. |
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LONDON, UNITED KINGDOM--(Marketwired - Dec. 16, 2015) - Philip Renaud, the Chairman and a director of Kane Biotech Inc. (the "Corporation"), today announces that he and the Corporation have entered into an agreement to: (a) extend the maturity date of the $500,000 principal amount 2-year 10% convertible redeemable unsecured note previously issued to him by the Corporation (the "Note") from December 18, 2015 to June 18, 2017; and (b) change the price at which the Note may be converted into common shares of the Corporation ("Common Shares") from $0.15 per Common Share to $0.10 per Common Share. This decrease in conversion price increases the potential number of Common Shares issuable upon the conversion of the Note from 3,333,333 to 5,000,000; such increase represents approximately 1.4% of the issued and outstanding Common Shares. All other terms of the Note remain the same. In addition, Mr. Renaud and the Corporation have also entered into an agreement to extend the time during which 4,000,000 warrants to purchase Common Shares (the "Warrants") previously issued to Mr. Renaud may be exercised from December 18, 2015 to June 18, 2017. All other terms of the Warrants remain the same, including the exercise price of $0.095 per Common Share. For the purposes hereof, the foregoing amendments shall be referred to as the "Amendments". |
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| Source:http://www.marketwired.com/mw/release.do?id=2082420&sourceType=3 |
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