DEFENCE THERAPEUTICS COMPLETES FULLY-SUBSCRIBED DEBENTURE FINANCING OF $2,355,000

On November 16, 2022 Defence Therapeutics Inc. ("Defence" or the "Company"), a Canadian biopharmaceutical company specialized in the development of immuneoncology vaccines and drug delivery technologies, is pleased to reported the closing of its previously announced non-brokered private placement of debenture units (the "Units") at a price of $1,000 per Unit for aggregate gross proceeds of $2,355,000 (the "Offering") (Press release, Defence Therapeutics, NOV 16, 2022, View Source [SID1234626255]). Each Unit consisted of (i) one $1,000 principal amount 8.0% convertible debenture (a "Debenture"), and (ii) 636 common share purchase warrants (the "Warrants").

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The Debentures bear interest at a rate of 8.0% per annum and mature on November 16, 2024, subject to early redemption by the Company. The Debentures are unsecured and rank pari passu in right of payment of principal and interest with all the existing and future unsecured indebtedness of the Company. The principal amount of each Debenture is convertible at the option of the holder into 636 common shares in the capital of the Company (a "Common Share").

Each Warrant is exercisable to acquire one Common Share (a "Warrant Share") at an exercise price of $2.50 per Warrant Share on or before November 16, 2024.

In connection with the Offering, the Company paid aggregate cash finder’s fees totalling $188,400 and issued 120,000 finder’s warrants (the "Finder’s Warrants") to certain qualified arm’s length finders. Each Finder’s Warrant is exercisable into one Common Share (a "Finder’s Warrant Share") at an exercise price of $2.50 per Finder’s Warrant Share on or before November 16, 2024.

All securities issued in connection with the Offering are subject to a statutory hold period of four months plus a day in accordance with applicable securities legislation.