Philip Renaud

May 05, 2016 18:21 ET

Philip Renaud Files Early Warning Report in Respect of Kane Biotech Inc.

LONDON, UNITED KINGDOM--(Marketwired - May 5, 2016) - Philip Renaud (11 The Little Boltons, London, England, SW10 9LT), the Chairman and a director of Kane Biotech Inc. (the "Corporation"), today announces that he and an entity over which he exercises control have acquired 28,408,146 common shares ("Common Shares") of the Corporation in connection with the Corporation's previously announced rights offering (the "Rights Offering"), as described in the Corporation's Rights Offering circular dated March 30, 2016.

Each of the Common Shares acquired pursuant to the Rights Offering were acquired at a subscription price of $0.03 per Common Share, for a total subscription price of $852,244. The Common Shares acquired by Mr. Renaud and the entity over which he exercises control pursuant to the Rights Offering represent approximately 13.87% of the issued and outstanding Common Shares on May 3, 2016.

After completion of the Rights Offering, Mr. Renaud and the entity over which he exercises control now own 57,070,661 Common Shares of the Corporation. Mr. Renaud is also the holder of 1,115,000 options to purchase Common Shares (the "Options"), 4,000,000 warrants to purchase Common Shares (the "Warrants") and one $500,000 principal amount 42-month 10% convertible redeemable unsecured note maturing June 18, 2017 (the "Note"). If all of the Options and Warrants were exercised and the Note was converted, Mr. Renaud and the entity over which he exercises control would own 65,518,619 Common Shares, representing approximately 30.72% of all of the issued and outstanding Common Shares following such exercises and conversion.

The Common Shares acquired by Mr. Renaud and the entity over which he exercises control pursuant to the Rights Offering were acquired for investment purposes. Mr. Renaud and the entity over which he exercises control have no current intention to acquire ownership of, or control over, additional securities of the Corporation.

An early warning report in respect of the above-noted transaction will be filed on SEDAR at www.sedar.com. A copy of the early warning report may be obtained from the Corporation by contacting:

Mark Ahrens-Townsend
President & CEO
Kane Biotech Inc.
204-477-7592 phone
204-474-7552 fax
ir@kanebiotech.com
www.kanebiotech.com

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