Rapid Dose Provides Update on Common Share Private Placement

Rhea-AI Summary

Rapid Dose Therapeutics Corp. (CSE: DOSE) has received an extension from the Canadian Securities Exchange for its proposed equity private placement financing. The company now has until October 29, 2024 to close the Financing, which aims to raise up to $6,000,000 in gross proceeds. The Financing involves issuing up to 35,294,117 common shares at $0.17 per share.

The Financing may close in multiple tranches, with the first tranche of $309,000 already closed on July 18, 2024. All securities issued will be subject to a four-month hold period from the applicable closing date, in compliance with securities laws.

Positive

• Extension granted by Canadian Securities Exchange for closing the private placement
• Potential to raise up to $6,000,000 in gross proceeds
• First tranche of $309,000 already closed on July 18, 2024

Negative

• Delayed closing of the full financing, potentially indicating challenges in attracting investors
• Possible dilution of existing shareholders' ownership due to the issuance of up to 35,294,117 new common shares

Burlington, Ontario--(Newsfile Corp. - September 16, 2024) - Rapid Dose Therapeutics Corp. (CSE: DOSE) ("RDT" or the "Company") today announced that further to its press release dated August 7, 2024, regarding a proposed equity private placement financing (the "Financing"), the Company has received an extension from the Canadian Securities Exchange allowing it to close the Financing on or before October 29, 2024.

This previously announced Financing contemplates an aggregate of up to $6,000,000 of gross proceeds consisting of up to 35,294,117 common shares ("Common Shares") at a price of $0.17 per Common Share; and the Financing may close in multiple tranches. The first tranche was closed on July 18, 2024 in the amount of $309,000.

All securities issued on the Financing will be subject to a four-month hold from the applicable date of closing in accordance with applicable securities laws.

About Rapid Dose Therapeutics Corp.

Rapid Dose Therapeutics is a Canadian biotechnology company revolutionizing drug delivery through innovation. The Company's flagship product QuickStrip™ is a thin, orally dissolvable film, that can be infused with an infinite list of active ingredients, including nutraceuticals, pharmaceuticals and vaccines, that are delivered quickly into the bloodstream, resulting in rapid onset of the active ingredient. For more information about the Company, visit www.rapid-dose.com.

Contacts:

RDT Investor Contact:
Mark Upsdell, CEO
mupsdell@rapid-dose.com
416-477-1052

CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS:

Certain information in this news release may contain forward-looking information within the meaning of applicable securities laws. Any statements that are contained in this news release that are not statements of historical fact may be deemed to be forward-looking statements. Forward-looking statements are often identified by terms such as "may", "should", "anticipate", "expect", "potential", "believe", "intend", "will", "could", "are planned to", "are expected to" or the negative of these terms and similar expressions. Statements containing forward-looking information, including, without limitation, in this news release in particular, statements regarding the size and completion of the Financing and the use of proceeds from the Financing, and in general, in respect of the delivery of equipment and products using the QuickStrip™ product delivery method, the generation of recurring revenues, the plans, estimates, forecasts, projections, expectations or beliefs of RDT management as to future events or results, are believed to be reasonable based on information currently available to RDT management. Forward-looking statements necessarily involve known and unknown risks, including, without limitation, risks associated with general economic conditions; adverse industry events; marketing costs; loss of markets; termination of WLM agreements; future legislative and regulatory developments involving cannabis; inability to access sufficient capital from internal and external sources, and/or inability to access sufficient capital on favourable terms; the cannabis industry in Canada generally, income tax and regulatory matters; the ability to implement its business strategies; competition; currency and interest rate fluctuations and other risks. Readers are cautioned that the foregoing list is not exhaustive. There can be no assurance that statements of forward-looking information, although considered reasonable by RDT management at the time of preparation, will prove to be accurate as there can be no assurance that the plans, intentions or expectations upon which they are based will occur. Actual results and future events could differ materially from those anticipated in such forward-looking statements. Readers should not place undue reliance on forward-looking statements. Forward-looking statements contained in this news release are expressly qualified by this cautionary statement. The forward-looking statements contained in this news release are made as of the date of this news release, and the Company expressly disclaims any obligation to update or alter statements containing any forward-looking information, or the factors or assumptions underlying them, whether as a result of new information, future events or otherwise, except as required by law.

This press release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of the securities in any jurisdiction in which such offer, solicitation or sale would be unlawful. This press release does not constitute an offer to sell or a solicitation of an offer to sell any of the securities described herein in the United States. The securities described in this news release have not been and will not be registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act") or any state securities laws and may not be offered or sold within the United States or to U.S. Persons unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/223562

FAQ

What is the new deadline for Rapid Dose Therapeutics (RDTCF) to close its private placement?

Rapid Dose Therapeutics has received an extension to close its private placement by October 29, 2024.

How much is Rapid Dose Therapeutics (RDTCF) aiming to raise through this private placement?

The company is aiming to raise up to $6,000,000 in gross proceeds through this private placement.

At what price are the common shares being offered in Rapid Dose Therapeutics' (RDTCF) private placement?

The common shares are being offered at a price of $0.17 per share.

How much has Rapid Dose Therapeutics (RDTCF) already raised in the first tranche of the private placement?

Rapid Dose Therapeutics closed the first tranche on July 18, 2024, raising $309,000.