Rakovina Therapeutics Announces Closing of Oversubscribed $3M Private Placement

VANCOUVER, British Columbia, Dec. 13, 2024 (GLOBE NEWSWIRE) -- Rakovina Therapeutics Inc. (TSX-V: RKV, the “Company”, “Rakovina”, or “Rakovina Therapeutics”) a biopharmaceutical company committed to advancing new cancer therapies based on novel DNA-damage response technologies is pleased to announce the closing of a $3.0 million private placement.

The private placement consists of 50,000,000 units (the “Units”) at a price of $0.06 per Unit. Each Unit consists of one common share of the Company (each, a “Common Share”) and one Common Share purchase warrant (each, a “Warrant”). Each Warrant entitles the holder thereof to subscribe for and purchase one Common Share of the Company for a period of 24 months from the date of issue at a price of $0.10 per Common Share. Rakovina retains the right to accelerate the Warrant exercise period if, upon written notice to the holder, the 20-day volume-weighted average price of its Common Shares exceeds $0.30.

In connection with the Private Placement, the Company paid cash finder’s fees to Canaccord Genuity Corp., Ventum Financial Corp., Haywood Securities Inc., Research Capital Corporation, Hampton Securities Limited, Ewing Morris & Co. Investment Partners Ltd. and Leede Financial Inc. (each a “Finder”, and collectively, the “Finders”) in the aggregate amount of $180,841 and issued a total of 3,021,872 non-transferable finder’s warrants (each, a “Finder’s Warrant’) to the Finders, in accordance with the policies of the TSX Venture Exchange (the “TSXV”). Each Finder’s Warrant entitles the holder thereof to subscribe for and purchase one Common share of the Company for a period of 24 months from the date of issue at a price of $0.10 per Common Share, subject to acceleration on the same terms as the Warrants issued in connection with the private placement.

The private placement is subject to the final acceptance of the TSXV and all securities issuable in connection with the private placement are subject to a hold period of four months plus one day from the date of issuance, in accordance with applicable securities laws.

The proceeds of the private placement will be used to accelerate both discovery and development of the Company’s proprietary drug candidates, shortlisted from the Deep Docking and Variational AI platforms.

“This overwhelming response from our investors underscores the strength of our science, the extraordinary talent and dedication of our team and the transformative potential of our therapies,” said Jeffrey Bacha, Executive Chairman of Rakovina Therapeutics. “We are deeply grateful for the trust placed in us and remain resolute in our mission to utilize leading AI technologies to develop innovative solutions for cancer care.”