On June 23rd, Kane Biotech issued 254,178 common shares of the corporation in payment of $12,708.91 in interest owing on Kane Biotech’s $500,000 2 year 10% convertible redeemable unsecured Note. In terms of the Note, Kane Biotech may issue common shares in lieu of cash in payment of interest on the Note. Common share prices must be the market price of the common shares on the interest payment date with a minimum price of $0.05/share. The common shares are restricted from transfers for four months.
The Note holder is Philip Renaud, Chairman of Kane Biotech. Due to Renaud’s relationship with the company, the issuance of common shares for interest owing is considered a “related party transaction”.
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