The TSX Venture Exchange has accepted for filing a definitive share purchase agreement dated July 28, 2023, as amended on Nov. 15, 2023, between the company and an arm's-length purchaser. Pursuant to the agreement, the company has completed the sale of all of the issued and outstanding shares of the company's European subsidiaries, being Khiron Europe GmbH, Zerenia Clinics Ltd. (Zerenia U.K.), PharmaDrug Production GmbH, Khiron Life Sciences U.K. Ltd. (Khiron U.K.) and Khiron Life Sciences Spain SL (Khiron Spain) (collectively the subject subsidiaries), for an aggregate base purchase price of $3-million. The purchase price was satisfied by a prepaid deposit of $500,000 and the prior advance of growth capital in an aggregate amount of $1.45-million to the company from the purchaser. Pursuant to the agreement, as a result of further adjustments made to the base purchase price for the subject subsidiaries' closing working capital and indebtedness, no further amount of the purchase price was owed upon the completion of the transaction.

For further information, refer to the company's news releases dated June 5, 2023, July 28, 2023, Nov. 16, 2023, and Nov. 17, 2023.