Kane Biotech Inc. plans to raise up to C$4 million in a private placement of 33,333,333 units at 12 Canadian cents apiece.

Each unit under the offering will be composed of a common share and an 18-month warrant to purchase an additional stock for 18 cents apiece.

Kane Biotech plans to use the net proceeds for business development purposes, among other things.

The offering is scheduled to close July 14, with company insiders, including Kane chairman and CEO, subscribing for a minimum of C$1.5 million worth of units.