Kane Biotech Provides Further Corporate Update

Kane Biotech Provides Further Corporate Update

Benzinga
June 18, 2025

WINNIPEG, Manitoba, June 18, 2025 (GLOBE NEWSWIRE) -- Kane Biotech Inc. (TSXV:KNE) (the "Company", "Kane" or "Kane Biotech") provides updates on its reorganizational phase.

The Company has terminated its exclusive distribution agreement with ProgenaCare Global LLC ("ProgenaCare") dated April 18, 2023 due to various material breaches by ProgenaCare of the agreement. Activities to resecure distribution for its products in the United States are underway.

The Company recently received a notice of default from Prairies Economic Development Canada ("PrairiesCan"). The notice relates to the Contribution Agreement between Western Economic Diversification Canada (now PrairiesCan) and Kane Biotech dated August 6, 2019, in which PrairiesCan provided the Company with repayable contributions of $2,491,266. The contributions are repayable in 59 consecutive monthly installments of $42,000 and one final instalment of $13,266 on an unsecured, interest-free basis which commenced on April 1, 2023. Kane has made all required repayments from April 1, 2023 to date excepting that of the payment due June 1, 2025.

The Company has been in communication with PrairiesCan prior to the notice whereby it requested a restructuring of the timing of the remaining loan repayments with the intention of repaying the outstanding balance in full.

Kane previously advised on April 28, 2025, that an unsecured demand loan of $1 million (the "Loan") from an insider of the Company was entered into and funds received. The lender has agreed to convert the Loan to a five-year, unsecured convertible debenture in the principal amount of $1 million (the "Debenture") all of which is subject to the approval of the TSX Venture Exchange. Interest on the Debenture shall accrue at the rate of three percent (3%) per annum, compounded annually and payable at maturity. The Debenture is convertible into common shares of Kane at the option of the holder at a price of $0.10 per common share. There are no broker fees or commissions related to this matter.

The conversion of the Loan to the Debenture ...

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