Media Coverage

Kane Biotech announces offering, adds directors


Jun 16, 2016 - Animal Pharm
By Sian Lazell
Animal Pharm News
June 16, 2016

 

Canadian firm Kane Biotech is to undertake a non-brokered private placement offering of up to 50 million common shares.  

The company is a developer of products that prevent and remove microbial biofilms for animal health, human health and the industrial sectors.

Its shares will be offered at a price of $0.03 per common share for gross proceeds of up to $1.5 million. Kane said funds from the offering will be used to develop and market its products and for general working capital.

As the shares are being issued at under $0.05 each, the firm is required to obtain a waiver from the Toronto Stock Exchange. To do this, Kane has agreed to seek the approval of its shareholders for a consolidation of the common shares on a five to one basis within six months of the closing of the offering.

Kane said it is confident it will gain shareholder approval for the consolidation as it has "received undertakings from holders of more than 50% of the current outstanding common shares that they will support the consolidation".

Finalization of the offering is subject to all necessary approvals. 

Additions to board

Winnipeg-headquartered Kane also recently elected six members to its board of directors.

The elected board members are chairman Philip Renaud, Dr Arvind Joshi, Mark Nawacki, Dr Sarah Prichard, Mark Ahrens-Townsend and Marc Edwards. Kane said each director will serve for a term of one year or until their successors are elected or appointed.

Mr Renaud is managing director of European investment advisory firm Church Advisors. He graduated from Franklin College of Switzerland with a degree in international financial management.

Mr Ahrens-Townsend joined Kane Biotech as president and chief executive in 2015. He has over 30 years of experience in technology, engineering and venture capital.

Mr Ahrens-Townsend has held senior executive roles, including positions as president and chief executive of two technology firms. He has also served extensively on the boards and committees of several private and publicly held companies.

Mr Ahrens-Townsend holds a bachelor's degree in engineering and a master's of business administration in finance from the University of Manitoba.

Kane Biotech was established in 2001 and is a specialist developer of products that prevent and remove biofilms formed by bacteria and other microorganisms.

In February, the company revealed it is planning to undertake a non-brokered private placement offering for gross proceeds of up to Can$4 million ($2.88 million).

The firm recently launched its over-the-counter bluestem brand of pet oral care products in the US.

Reprinted with permission of Animal Pharm News

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