Kane Biotech Inc. (TSX VENTURE:KNE), a biotechnology company engaged in the development of products that prevent and disperse microbial biofilms (the "Company"), today announces that it has increased the current private placement offering (the "Offering"), first reported on November 16, 2009, from a maximum of 3,846,154 units ("Units") to 4,335,500 Units, for total gross proceeds of up to $563,615. As previously announced, each Unit will be comprised of one common share of the Company (a "Share") and one half of one Share purchase warrant (a "Warrant"). Each whole Warrant will expire 18 months from the date the Warrant is issued (the "Expiry Date") and will entitle the holder to purchase one Share at a price of $0.17 per Share if purchased within 6 months from the date the Warrant is issued or $0.25 per Share if purchased after 6 months up to the Expiry Date.
Certain persons may assist the Company by introducing potential subscribers for the Offering and, subject to compliance with applicable legislation, will be entitled to receive a finder's fee, payable in cash and share purchase warrants, as permitted by law.
The net proceeds of the Offering will be used for the Company's research and development program and for working capital purposes.
The Offering is subject to receipt of all necessary approvals, including the approval of the TSX Venture Exchange.