Kane Biotech Inc. announces that on September 11, 2023, the Company and Pivot Financial I Limited Partnership entered into a definitive agreement to amend the terms of the Company?s amended and restated credit agreement between Pivot and the Company dated August 31, 2021, as amended the ?Credit Facility?, by, among other things, increasing the size of the Credit Facility from $5 million to $6 million and extending the maturity date of the Credit Facility from August 31, 2023 to November 30, 2023 the Amended Credit Facility. The Amended Credit Facility has an interest rate of 15% per annum. Under the terms of the Amended Credit Facility, Pivot and the third party guarantor of $1,000,000 of the Amended Credit Facility, each received 2,500,000 compensation warrants .

Subject to the Call Right, each Compensation Warrant is exercisable into one Share for a period of 12 months at an exercise price of $0.10 per Share. In accordance with the policies of the TSXV, the 2,500,000 compensation warrants previously issued to the Guarantor on April 20, 2023 will expire on the closing date of the Amended Credit Facility and will be of no further force or effect. The closing of the Amended Credit Facility remains subject to the final approval of the TSX Venture Exchange.