Rakovina Therapeutics Inc. announced a private placement of 30 unsecured CAD 50,000 convertible debenture units to a select group of investors for gross proceeds of approximately CAD 1,500,000 on May 2, 2023. The principal amount of the Debenture shall be repayable in 30 months and carries a 12% interest rate. The company will also issue 100,000 non-transferable share purchase warrants in conjunction with each CAD 50,000 debenture, each warrant being exercisable into one common share at a price of CAD 0.15 per share for 30 months.

The debenture holders will have the right to convert the principal amount of the debenture into common shares of the company at a conversion price of CAD 0.20 per share. Closing of the transaction is subject to all necessary regulatory approvals including acceptances from securities regulators and the TSX Venture Exchange.