Rapid Dose Completes Extension to Promissory Notes

Core Points - Rapid Dose Therapeutics Corp. has extended the maturity date of its secured convertible notes from November 30, 2025, to November 30, 2026 [1] - The financing involved the issuance of units at $1.00 per unit, which included $1.00 principal amount of notes convertible at $0.17 per share and five common share purchase warrants [2] - Noteholders holding $3,084,445 of notes agreed to the extension, while one noteholder with $50,000 opted for cash repayment [3] - The interest rate on the notes increased from 12% to 18% per annum, with interest payable quarterly in common shares [4] - The company issued 1,356,758 common shares to satisfy accrued interest of $62,860.65 on the notes [5] - The extension transaction involved insiders holding a total of $1,696,371 of notes and 8,481,855 warrants, qualifying as a related party transaction [7] Financing Details - The total principal amount of notes issued during the financing was $3,134,445, along with 15,672,225 warrants [2] - The exercise price for the extended warrants is set at $0.16, with the expiry date also extended to November 30, 2026 [3] - The company is allowed to prepay the notes with a 10-day advance notice [4] Company Overview - Rapid Dose Therapeutics is a Canadian biotechnology company focused on innovative drug delivery solutions [8] - The flagship product, QuickStrip™, is an orally dissolvable film that can deliver various active ingredients rapidly into the bloodstream [8]