Kane Biotech Announces Issuance of Restricted Share Units

Rhea-AI Summary

Kane Biotech Inc. (TSX-V:KNE; OTCQB:KNBIF) has issued 4,213,133 restricted share units (RSUs) to various directors, officers, employees, and consultants. These RSUs are part of the company's third amended and restated performance and restricted share unit plan, approved by shareholders on May 22, 2024. Each RSU can be exercised into one common share of the company, with vesting periods varying but not earlier than 12 months from the grant date. The PRSU Plan allows for a maximum of 25,177,198 RSUs, representing 19% of the company's issued and outstanding shares as of the shareholders' meeting date.

Positive

• Approval of the PRSU Plan by shareholders indicates support for the company's compensation strategy
• Issuance of RSUs aligns interests of directors, officers, employees, and consultants with shareholders

Negative

• Potential dilution of existing shareholders' ownership as RSUs vest and are converted into common shares
• 12-month minimum vesting period may delay the incentive effect for recipients

WINNIPEG, Manitoba, July 15, 2024 (GLOBE NEWSWIRE) -- Kane Biotech Inc. (TSX-V:KNE; OTCQB:KNBIF), (the “Company” or “Kane Biotech”), today announces that it has issued 4,213,133 restricted share units of the Company (“RSUs”) to various directors, officers, employees and consultants of the Company pursuant to the third amended and restated performance and restricted share unit plan of the Company dated May 22, 2024 (the “PRSU Plan”). Each RSU is exercisable into one common share of the Company (a “Share”). The RSUs will vest at different times, but none will vest earlier than 12 months from the date of grant.

On May 22, 2024, at the annual general and special meeting of shareholders dated May 22, 2024 (the “Meeting”), the shareholders of the Company approved the PRSU Plan. Under the PRSU Plan, the Company may issue a maximum of 25,177,198 RSUs, representing 19% of the issued and outstanding Shares as at the date of the Meeting.

About Kane Biotech

Kane Biotech Inc. is a biotechnology company engaged in the research, development and commercialization of technologies and products that prevent and remove microbial biofilms. Kane has a portfolio of biotechnologies, intellectual property (67 patents and patents pending, trade secrets and trademarks) and products developed by Kane's own biofilm research expertise and acquired from leading research institutions. DispersinB^®, coactiv+™, coactiv+^®, DermaKB™, DermaKB Biofilm™, and revyve™ are trademarks of Kane Biotech Inc. Kane is listed on the TSX Venture Exchange under the symbol "KNE" and on the OTCQB Venture Market under the symbol “KNBIF”.

For more information:

Marc Edwards		Ray Dupuis
Chief Executive Officer		Chief Financial Officer
Kane Biotech Inc		Kane Biotech Inc
medwards@kanebiotech.com		rdupuis@kanebiotech.com

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Caution Regarding Forward-Looking Information
This press release contains certain statements regarding Kane Biotech Inc. that constitute forward-looking information under applicable securities law. These statements reflect management’s current beliefs and are based on information currently available to management. Certain material factors or assumptions are applied in making forward-looking statements, and actual results may differ materially from those expressed or implied in such statements. These risks and uncertainties include, but are not limited to, risks relating to Kane’s: (a) financial condition, including lack of significant revenues to date and reliance on equity and other financing; (b) business, including its early stage of development, government regulation, market acceptance for its products, rapid technological change and dependence on key personnel; (c) intellectual property including the ability of Kane to protect its intellectual property and dependence on its strategic partners; and (d) capital structure, including its lack of dividends on its common shares, volatility of the market price of its common shares and public company costs. Further information about these and other risks and uncertainties can be found in the disclosure documents filed by Kane with applicable securities regulatory authorities, available at www.sedarplus.ca. Kane cautions that the foregoing list of factors that may affect future results is not exhaustive.

FAQ

How many restricted share units (RSUs) did Kane Biotech (KNBIF) issue on July 15, 2024?

Kane Biotech issued 4,213,133 restricted share units (RSUs) on July 15, 2024.

What is the maximum number of RSUs that can be issued under Kane Biotech's (KNBIF) PRSU Plan?

The PRSU Plan allows for a maximum of 25,177,198 RSUs, representing 19% of the company's issued and outstanding shares as of May 22, 2024.

When will the RSUs issued by Kane Biotech (KNBIF) on July 15, 2024 begin to vest?

The RSUs will vest at different times, but none will vest earlier than 12 months from the date of grant, which is July 15, 2024.

When was Kane Biotech's (KNBIF) PRSU Plan approved by shareholders?

The PRSU Plan was approved by shareholders at the annual general and special meeting on May 22, 2024.