WINNIPEG, Manitoba, July 17, 2018 (GLOBE NEWSWIRE) -- Kane Biotech Inc. (TSX-V:KNE)
(OTCQB:KNBIF), (the “Corporation” or “Kane Biotech”) today announced that it has received a loan (the “Loan”) in
the amount of $500,000 from Individual Investment Corporation, an arm’s length third-party lender (the “Lender”). The Loan bears
interest at 12% per annum and is repayable after six months. The Corporation has also paid a one-time document review fee of
$10,000 to the Lender as additional consideration for the provision of the Loan to the Corporation.
The Loan has been guaranteed by Richard Renaud, the father of Philip Renaud, the Chairman and a significant
shareholder of the Corporation. It is anticipated that the Loan will be repaid in six months (the “Maturity Date”) following the
receipt of certain milestone payments and increased royalties from its licence agreements. The Loan may be extended for an
additional two month period following the Maturity Date upon payment of $4,000 to the Lender. As consideration for guaranteeing the
Loan, Richard Renaud has been issued 3,500,000 share purchase warrants of the Corporation (the “Warrants”), each of which entitles
Mr. Renaud to purchase one common share of capital stock of the Corporation (“Common Share”) at a price of $0.08 per Common Share
for a period of one year from the date of issuance of the Warrants. The Warrants and any Common Shares issuable upon exercise
thereof, are restricted from transfer for a period of four months in accordance with applicable securities laws.
The Corporation will use the proceeds of the Loan for general working capital to continue its operations.
The closing of the Loan transaction is subject to receipt of all necessary approvals, including the approval of
the TSX Venture Exchange.
About Kane Biotech Inc.
Kane Biotech is a biotechnology company engaged in the research, development and commercialization of
technologies and products that prevent and remove microbial biofilms.
The Corporation has a portfolio of biotechnologies, intellectual property (75 patents and patents pending, trade
secrets and trademarks) and products developed by the Corporation’s own biofilm research expertise and acquired from leading
research institutions. StrixNB™, DispersinB®, Aledex®, bluestem™, AloSera™, coactiv+™ and Kane®
are trademarks of Kane Biotech Inc. The Corporation is listed on the TSX Venture Exchange under the symbol "KNE" and on
the OTCQB Venture Market under the symbol “KNBIF”.
For more information, please visit www.kanebiotech.com or contact:
Mark Ahrens-Townsend
President & CEO
Kane Biotech
Inc.
+1 (204) 477-7592 ir@kanebiotech.com
Tirth Patel
Vice President - Investor Relations
Edison Advisors
+1 (646) 653-7035 tpatel@edisongroup.com
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.
These risks and uncertainties should be considered carefully undue reliance should not be placed on the
forward-looking statements. Although the forward-looking statements contained in this press release are based upon what
management believes to be reasonable assumptions, the Company cannot provide assurance that actual results will be consistent with
these forward-looking statements. The Company undertakes no obligation to update or revise any forward-looking
statement.