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.

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