Kane Biotech Announces Agreement in Principle for the Sale of its Interest in STEM Animal Health

WINNIPEG, Manitoba, April 11, 2024 (GLOBE NEWSWIRE) — Kane Biotech Inc. (TSX- V:KNE; OTCQB:KNBIF) (the “Company” or “Kane Biotech”) announces today that it has reached an agreement in principle for the sale of its entire interest (the “Interest”) in STEM Animal Health Inc. (“STEM”) to a third party multi-national pharmaceutical company (the “Purchaser”) on a cash-free debt-free basis for US $8,000,000 (the “Transaction”), subject to adjustments in accordance with the terms of the agreement in principle, as well as other consideration including the net cash held in STEM (estimated at CND $600,000) and a working capital adjustment (estimated at CND $350,000). Overall, it is anticipated that the sale of STEM Animal Health will net Kane Biotech in excess of CND $11,500,000 (including the cash deposits already received, as noted below). The Purchaser is not a Non-Arm’s Length Party (as that term is defined by the TSX Venture Exchange) of the Company.

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