TORONTO, Oct. 03, 2024 (GLOBE NEWSWIRE) -- Arch Biopartners Inc., ('Arch” or the 'Company”) (TSX Venture: ARCH and OTCQB: ACHFF) announced today that the Company has closed a transaction that was previously announced on September 26, 2024 to settle an aggregate total of $2,600,000 of principal plus accrued interest of $130,000 on four deferred convertible notes maturing on Sept 30, 2024 (the 'Notes”).

The original terms of the four Notes included settlement of the principal owing with 3,220,147 common shares priced at a weighted average of $0.81. The Company and the holder of the Notes agreed to settle the principal amount with the issuance of 1,934,524 units (the 'Units”) priced at $1.344 per unit. Each Unit is composed of one (1) pre-paid warrant exercisable into one common share of the Company and one (1) share purchase warrant exercisable into one common share of the Company at $1.68 per common share, on September 30, 2029, which is five (5) years after the closing date of the settlement of the Notes. The accrued interest on the Notes, totaling $130,000 up to September 30, 2024, was settled with an additional issuance of 96,726 Units.