Rakovina Agrees to Settle $235,908.60 in Obligations With Shares

Rakovina Therapeutics Inc. announced Nov. 5 that it had agreed to cover $235,908.60 in obligations with common shares, a proposed settlement that still requires regulatory clearances, including approval from the TSX Venture Exchange.

The arrangement allocates $125,493.70 to accrued interest tied to Rakovina’s 12.0% unsecured convertible debentures and $110,414.90 to amounts owed to service providers. Rakovina set a deemed value of $0.175 per share, based on its closing price on Nov. 4. The share count and currency for the settlement amounts and per-share figures were not specified.

The proposed issuance needs regulatory approval before shares can be issued. Shares issued for the settlement will be subject to a statutory hold lasting four months and one day from issuance.

Separately, Rakovina’s board approved 124,000 stock options for certain directors and consultants under its Long-Term Incentive Plan. The options have a $0.20-per-share exercise price, vest in equal quarterly installments over one year and expire five years after grant.

In March, Rakovina announced agreements to restructure $1,587,130.59 in debt under the same debentures. That package included about 3,265,585 shares at $0.12 each, replacement debentures totaling $1,195,259.99 and 2,390,519 warrants. Rakovina is a biopharmaceutical company advancing cancer therapies through AI-powered drug discovery, and its shares trade on the TSX Venture Exchange under RKV.