Kane Biotech increases size of financing

Kane Biotech (TSX-V:KNE) raised the size of its previously announced private placement to a maximum of 4,335,500 units from 3,846,154 units for total proceeds of  up to $563,615.  Net proceeds will be used for the company’s research and development program, and for working capital, Kane said in a statement.

Each unit consists of one common share of Kane and one half of a warrant, which expires in 18 months.  Each whole warrant will entitle the holder to purchase one common share at a price of 17 cents each, within the first six months of issue, and at a price of 25 cents, after six months and up to the expiry date.