Rakovina Therapeutics Announces Debentureholder Election to Receive Shares in Partial Satisfaction of Debenture Interest Payment Obligations

All monetary figures listed in Canadian Dollars.

VANCOUVER, British Columbia, May 24, 2024 (GLOBE NEWSWIRE) -- Rakovina Therapeutics Inc. (“Rakovina” or the “Company”) (TSX-V: RKV) announces that in accordance with the terms of an indenture entered into between the Company and Odyssey Trust Company dated May 29, 2023 (the “Indenture”), certain holders (each, a “Debentureholder”) of 12.0 per cent unsecured convertible debentures of the Company (the “Debentures”) have elected to receive common shares of the Company (the “Common Shares”) in lieu of cash in partial satisfaction of an aggregate total of approximately $91,000 interest payable to all holders of the Debentures on May 29, 2024 (the “Interest Payment Date”). Approximately $31,000 of the interest payable under the Debentures will be settled by the issuance of Common Shares with the remaining $60,000 to be settled in cash on or about the Interest Payment Date.

The number of Common Shares to be issued to those Debentureholders who have elected to receive Common Shares in lieu of cash interest payment will be determined in accordance with the terms of the Indenture, by dividing the interest payable in cash on the Interest Payment Date by the greater of (i) the five (5) day volume weighted average trading price of the Common Shares on the TSX Venture Exchange (the “TSXV”) for the five (5) trading days immediately prior to the Interest Payment Date (being the five (5) trading days from May 22, 2024 to May 28, 2024) and (ii) the Discounted Market Price (as defined in the policies of the TSXV) on May 28, 2024.

The issuance of the Common Shares in lieu of cash is subject to the terms and conditions of the Indenture as well as the receipt of all requisite approvals, including, without limitation, the approval of the TSXV.

Other Company News
The Company also announced that it has entered into an agreement with IR Labs Inc., of Vancouver, British Columbia, ("irlabs") to provide the Company with investor relations and communication services. Pursuant to the agreement with irlabs dated April 1, 2024, irlabs has agreed to provide investor relations and communications services to the Company in exchange for a monthly fee of $15,000.

The services include developing and managing an investor relations and communications program including public relations and media, social media, capital markets advisory and stakeholder relations. The term of the agreement is for a period of 12 months, ending March 31, 2025, subject to extension by mutual agreement. The Company is at arm's length from irlabs, and compensation payable to irlabs does not include any securities in the Company nor does irlabs currently own any securities in the Company. Irlabs contact information: Alyssa Barry, Principal and Co-Founder, 400-22 E 5th Ave, Vancouver, BC, V5T 1G8, [e-mail], 1-833-947-5227. The agreement remains subject to acceptance by the TSX Venture Exchange.