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Rapid Dose Therapeutics (CSE: DOSE) announced plans to issue common shares to satisfy the quarterly interest payment due December 31, 2024, on its secured convertible notes. The company will issue 430,930 common shares at $0.22 per share to cover $94,806.23 in accrued interest.
This share issuance stems from the company’s previous private placement financing, where RDT issued $3,134,445 in principal amount of Notes and 15,672,225 Warrants in 2023. The Notes, maturing on November 30, 2025, carry a 12.0% annual interest rate, payable quarterly in common shares. The share price is determined by the closing market price on the CSE at each quarter’s end.
The newly issued shares will be subject to a four-month and one-day hold period from their issue date, expected no later than January 15, 2025.
Rapid Dose Therapeutics (CSE: DOSE) ha annunciato piani per emettere azioni ordinarie per soddisfare il pagamento degli interessi trimestrali previsto per il 31 dicembre 2024, sui suoi obbligazioni convertibili garantiti. L’azienda emetterà 430.930 azioni ordinarie a $0,22 per azione per coprire $94.806,23 di interessi maturati.
Questa emissione di azioni deriva dal precedente finanziamento tramite collocamento privato dell’azienda, dove RDT ha emesso $3.134.445 in importo principale di Note e 15.672.225 Warrants nel 2023. Le Note, che scadranno il 30 novembre 2025, riportano un tasso d’interesse annuale del 12,0%, pagabile trimestralmente in azioni ordinarie. Il prezzo delle azioni è determinato dal prezzo di mercato di chiusura sulla CSE alla fine di ogni trimestre.
Le nuove azioni emesse saranno soggette a un periodo di blocco di quattro mesi e un giorno dalla data di emissione, prevista entro e non oltre il 15 gennaio 2025.
Rapid Dose Therapeutics (CSE: DOSE) anunció planes para emitir acciones comunes para satisfacer el pago de intereses trimestrales que vence el 31 de diciembre de 2024, sobre sus notas convertibles aseguradas. La compañía emitirá 430,930 acciones comunes a $0.22 por acción para cubrir $94,806.23 en intereses acumulados.
Esta emisión de acciones proviene del financiamiento previo por colocación privada de la compañía, donde RDT emitió $3,134,445 en monto principal de Notas y 15,672,225 Warrants en 2023. Las Notas, que vencerán el 30 de noviembre de 2025, tienen una tasa de interés anual del 12.0%, pagadera trimestralmente en acciones comunes. El precio de la acción se determina por el precio de cierre del mercado en la CSE al final de cada trimestre.
Las nuevas acciones emitidas estarán sujetas a un período de retención de cuatro meses y un día desde su fecha de emisión, que se espera no sea más tarde del 15 de enero de 2025.
Rapid Dose Therapeutics (CSE: DOSE)는 2024년 12월 31일 지급 예정인 분기별 이자 지급을 위해 보통주를 발행할 계획을 발표했습니다. 이 회사는 430,930주의 보통주를 주당 $0.22에 발행하여 $94,806.23의 발생 이자를 충당할 것입니다.
이 주식 발행은 회사의 이전 사모펀드 자금 조달에서 발생하며, RDT는 2023년에 $3,134,445의 원금 규모로 노트를 발행하고 15,672,225개의 워런트를 발행했습니다. 이 노트는 2025년 11월 30일 만기되며 연 12.0%의 이자율이 적용되며, 분기마다 보통주로 지급됩니다. 주가는 각 분기의 마지막 날 CSE의 종가에 따라 결정됩니다.
새로 발행된 주식은 발행일로부터 4개월 1일의 유예 기간이 있으며, 예상 발행일은 2025년 1월 15일 이전입니다.
Rapid Dose Therapeutics (CSE: DOSE) a annoncé des projets d’émission d’actions ordinaires pour satisfaire le paiement d’intérêts trimestriels dû le 31 décembre 2024, sur ses obligations convertibles garanties. L’entreprise émettra 430,930 actions ordinaires à 0,22 $ par action pour couvrir 94,806.23 $ d’intérêts accumulés.
Cette émission d’actions découle du précédent financement par placement privé de la société, où RDT a émis $3,134,445 en montant principal d’Obligations et 15,672,225 Bons de souscription en 2023. Les Obligation, arrivant à échéance le 30 novembre 2025, portent un taux d’intérêt annuel de 12,0%, payable trimestriellement en actions ordinaires. Le prix des actions est déterminé par le prix de clôture du marché sur la CSE à la fin de chaque trimestre.
Les nouvelles actions émises seront soumises à une période de blocage de quatre mois et un jour à compter de leur date d’émission, prévue au plus tard le 15 janvier 2025.
Rapid Dose Therapeutics (CSE: DOSE) hat Pläne angekündigt, Stammaktien auszugeben, um die fälligen vierteljährlichen Zinszahlungen am 31. Dezember 2024 auf seine gesicherten wandelbaren Anleihen zu erfüllen. Das Unternehmen wird 430.930 Stammaktien zu einem Preis von $0,22 pro Aktie ausgeben, um $94.806,23 an aufgelaufenen Zinsen zu decken.
Diese Aktienausgabe resultiert aus der vorherigen Privatplatzierung des Unternehmens, bei der RDT im Jahr 2023 $3.134.445 an Hauptbetrag von Anleihen und 15.672.225 Bezugsrechten ausgegeben hat. Die Anleihen mit einer Laufzeit bis zum 30. November 2025 haben einen jährlichen Zinssatz von 12,0%, der vierteljährlich in Stammaktien zahlbar ist. Der Kurs der Aktien wird zum Schlusskurs an der CSE zum Ende jedes Quartals festgelegt.
Die neu ausgegebenen Aktien unterliegen einer Sperrfrist von vier Monaten und einem Tag ab dem Ausgabedatum, das voraussichtlich bis spätestens 15. Januar 2025 erfolgen wird.
Negative
- Company continues to pay interest through share issuance, indicating potential cash flow constraints
- Additional share issuance of 430,930 shares creates dilution for existing shareholders
- High interest rate of 12% annually on convertible notes indicates expensive debt financing
Burlington, Ontario–(Newsfile Corp. – January 7, 2025) – Rapid Dose Therapeutics Corp. (CSE: DOSE) (“RDT” or the “Company“) announced today that as contemplated in the secured convertible notes (the “Notes“) previously issued on its private placement financing (the “Financing“), and consistent with prior quarters, the Company intends to issue common shares (“Common Shares“) in satisfaction of the accrued interest payable on December 31, 2024 under the terms of the Notes. The Company expects to issue the Common Shares no later than January 15, 2025.
The Financing was an offering of units (the “Units“) at a price of $1.00 per Unit. Each Unit consisted of $1.00 principal amount of Notes and five common share purchase warrants of the Company (the “Warrants“). The Company closed all four tranches of the Financing in 2023, issuing an aggregate of $3,134,445 principal amount of Notes and 15,672,225 Warrants.
The Notes have a maturity date of November 30, 2025 and bear interest from their date of issue at 12.0% per annum, calculated monthly, accrued, added to principal and payable quarterly in arrears in Common Shares at a price per share equal to the closing market price of the Common Shares on the Canadian Securities Exchange (the “CSE“) on the last trading day of each calendar quarter.
Therefore, in accordance with the terms of the Notes, the Company intends to issue 430,930 Common Shares to the holders of the Notes at a deemed issue price of $0.22 per Common Share, being the closing market price of the Common Shares on the CSE on December 31, 2024, in satisfaction of the aggregate of $94,806.23 of accrued interest owing on the Notes.
All Common Shares issued as payment for accrued interest will be subject to a hold period expiring four months and one day from the date of issue of the Common Shares.
About Rapid Dose Therapeutics Corp.
Rapid Dose Therapeutics is a Canadian biotechnology company revolutionizing drug delivery through innovation. The Company’s flagship product QuickStrip™ is a thin, orally dissolvable film, that can be infused with an infinite list of active ingredients, including nutraceuticals, pharmaceuticals and vaccines, that are delivered quickly into the bloodstream, resulting in rapid onset of the active ingredient. For more information about the Company, visit www.rapid-dose.com.
CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS:
Certain information in this news release may contain forward-looking information within the meaning of applicable securities laws. Any statements that are contained in this news release that are not statements of historical fact may be deemed to be forward-looking statements. Forward-looking statements are often identified by terms such as “intend”, “may”, “should”, “anticipate”, “expect”, “potential”, “believe”, “intend”, “will”, “could”, “are planned to”, “are expected to” or the negative of these terms and similar expressions. Statements containing forward-looking information, including, without limitation, in respect of the delivery of equipment and products using the QuickStrip™ product delivery method, the generation of recurring revenues, the plans, estimates, forecasts, projections, expectations or beliefs of RDT management as to future events or results and are believed to be reasonable based on information currently available to RDT management. Forward-looking statements necessarily involve known and unknown risks, including, without limitation, risks associated with general economic conditions; adverse industry events; marketing costs; loss of markets; termination of WLM agreements; future legislative and regulatory developments involving cannabis; inability to access sufficient capital from internal and external sources, and/or inability to access sufficient capital on favourable terms; the cannabis industry in Canada generally, income tax and regulatory matters; the ability to implement its business strategies; competition; currency and interest rate fluctuations and other risks. Readers are cautioned that the foregoing list is not exhaustive. There can be no assurance that statements of forward-looking information, although considered reasonable by RDT management at the time of preparation, will prove to be accurate as there can be no assurance that the plans, intentions or expectations upon which they are based will occur. Actual results and future events could differ materially from those anticipated in such forward-looking statements. Readers should not place undue reliance on forward-looking statements. Forward-looking statements contained in this news release are expressly qualified by this cautionary statement. The forward-looking statements contained in this news release are made as of the date of this news release, and the Company expressly disclaims any obligation to update or alter statements containing any forward-looking information, or the factors or assumptions underlying them, whether as a result of new information, future events or otherwise, except as required by law.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/236350
FAQ
How many common shares will RDTCF issue for Q4 2024 interest payment?
Rapid Dose Therapeutics will issue 430,930 common shares at $0.22 per share to cover $94,806.23 in accrued interest for Q4 2024.
What is the interest rate on RDTCF’s secured convertible notes?
The secured convertible notes bear interest at 12.0% per annum, calculated monthly and payable quarterly in common shares.
When do RDTCF’s convertible notes mature?
The convertible notes have a maturity date of November 30, 2025.
How much was the total principal amount of notes issued by RDTCF in 2023?
RDTCF issued an aggregate of $3,134,445 principal amount of notes and 15,672,225 warrants in 2023.
What is the hold period for RDTCF’s newly issued interest payment shares?
The common shares issued as interest payment will have a hold period of four months and one day from their issue date.
