WINNIPEG, Manitoba – March 10, 2017 – Kane Biotech Inc. (TSX-V:KNE) (the “Corporation” or “Kane Biotech”) today announced that, further to the approval by the Corporation’s shareholders obtained on December 16, 2016, the Corporation has completed the consolidation of its issued and outstanding common shares on the basis of one post-consolidation common share for every five pre-consolidation common shares (the “Consolidation”) resulting in a total of 45,528,284 common shares issued and outstanding following the Consolidation. No fractional common shares will be issued as a result of the Consolidation. All fractions of post-Consolidation common shares will be rounded to the next lowest whole number if the first decimal place is less than five and rounded to the next highest whole number if the first decimal place is five or greater. Subject to the final approval of the TSX Venture Exchange (the “Exchange”), the Corporation’s common shares are expected to commence trading on the Exchange on a post-Consolidation basis on March 13, 2017.
Holders of common shares of the Corporation who hold uncertificated common shares (i.e., shares held in book-entry form and not represented by a physical share certificate), either as registered holders or beneficial owners, will have their existing book-entry account(s) electronically adjusted by the Corporation’s transfer agent or, for beneficial shareholders, by their brokerage firms, banks, trusts or other nominees that hold in “street name” for their benefit. Such holders do not need to take any additional actions to exchange their pre-Consolidation common shares for post-Consolidation common shares.
Beneficial shareholders holding their common shares through a bank, broker or other nominee should note that such banks, brokers or other nominees may have different procedures for processing the Consolidation than those that have been put in place by the Corporation for registered shareholders. If you hold your common shares with such a bank, broker or other nominee and if you have questions in this regard, you are encouraged to contact your nominee.
Registered shareholders holding share certificates have been or will be mailed a letter of transmittal to exchange their pre-Consolidation common shares for post-Consolidation common shares of the Corporation. Such registered shareholders should complete the letter of transmittal and return it, along with the share certificate(s) representing the pre-Consolidation common shares of the Corporation, to CST Trust Company in accordance with the instructions set forth in the letter of transmittal.
Further details with respect to the Consolidation are contained in the Corporation’s management information circular dated November 14, 2016, a copy of which is available on SEDAR at www.sedar.com.
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. Biofilms develop when bacteria and other microorganisms form a protective matrix that acts as a shield against attack. When in a biofilm, bacteria become highly resistant to antibiotics, antimicrobials, biocides, disinfectants, high temperatures and host immune responses. This resiliency contributes to numerous human and animal health related problems such as wound care infections, recurrent urinary tract infections, tooth decay, medical device associated and hospital-acquired infections, and foodborne bacterial infections. According to the United States National Institutes of Health biofilms are estimated to be responsible for 80% of all human bacterial infections and cost individuals, industry, governments and hospitals billions of dollars each year. As such, there is significant interest in safe and effective products that can combat the biofilm problem.
Kane Biotech uses patent protected technologies based on molecular mechanisms of biofilm formation and methods for finding compounds that inhibit or disrupt biofilms. The Corporation has evidence that these technologies have the potential to significantly improve the ability to prevent and/or destroy biofilms in several medical and industrial applications.
Kane Biotech has a portfolio of biotechnologies, intellectual property (patents, 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”.
For more information, please contact:
President & CEO
Kane Biotech Inc.