Mr. Mark Upsdell reports
RAPID DOSE ANNOUNCES PROPOSED DEBT SETTLEMENT
Rapid Dose Therapeutics Corp. has agreed with certain of its creditors to issue up to an aggregate of 2.5 million common shares to such creditors in exchange for the cancellation of outstanding accounts payable in the aggregate amount of up to $500,000 owing to such creditors. The settlement shares will be issued at a price of 20 cents, in accordance with the policies of the Canadian Securities Exchange.
The company is completing the share-for-debt transaction to improve its financial position by reducing its existing liabilities. All settlement shares issued to Canadian residents will be subject to a four-month hold period from the date of issuance. The share-for-debt transaction remains subject to CSE acceptance. No new control person of the company will be created pursuant to the share-for-debt transaction.
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.
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