KNBIF - Kane Biotech Announces Amendment to its Credit Facility | Benzinga
WINNIPEG, Manitoba, Dec. 28, 2023 (GLOBE NEWSWIRE) -- Kane Biotech Inc. (TSXV:KNE, OTCQB:KNBIF) (the "Company", "Kane" or "Kane Biotech") announces today that on December 20, 2023, the Company and Pivot I Financial Limited Partnership ("Pivot") entered into a definitive agreement to amend the terms of the Company's amended and restated credit facility between Pivot and the Company dated August 31, 2021, as amended (the "Credit Facility") by extending the maturity date of the Credit Facility from November 30, 2023 to March 31, 2023. In addition, the parties agreed that from December 1, 2023 until maturity, interest accrued on each advance under the Credit Facility thereafter shall be payable monthly in arrears rather than being added to the principal amount of the Credit Facility and repaid at maturity.
"I would like to thank Pivot for their ongoing support of Kane," said Ray Dupuis, Chief Financial Officer. "The extension of the Credit Facility maturity date will allow us to work toward closing on a binding share purchase agreement with respect to the offer it has received for its interest in STEM Animal Health, which the Company announced on December 20, 2023."
The amendment to the Credit Facility remains subject to the final approval of the TSX Venture Exchange.
About Kane Biotech
Kane Biotech is a biotechnology company engaged in the research, development and commercialization of technologies and products that ...