MMCAP discloses 14.9% Cardiol Therapeutics (CRDL) ownership via Schedule 13G

Rhea-AI Filing Summary

MMCAP International Inc. SPC and Asset Management Inc. have disclosed a significant passive stake in Cardiol Therapeutics Inc. They report beneficial ownership of 17,451,746 Class A Common Shares, representing 14.9% of the class as of January 23, 2026.

This position includes 11,740,207 Class A Common Shares and 5,711,539 additional Class A Common Shares underlying warrants exercisable within 60 days. The shares are held through a private investment fund managed by Asset Management Inc., and both parties state the holdings are not for the purpose of influencing control of Cardiol Therapeutics.

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13G

UNDER THE SECURITIES EXCHANGE ACT OF 1934

Cardiol Therapeutics Inc.

(Name of Issuer)

Class A Common Shares

(Title of Class of Securities)

14161Y200

(CUSIP Number)

01/23/2026

(Date of Event Which Requires Filing of this Statement)

Check the appropriate box to designate the rule pursuant to which this Schedule is filed:

Rule 13d-1(b)

Rule 13d-1(c)

Rule 13d-1(d)

SCHEDULE 13G

CUSIP No. 14161Y200

1

Names of Reporting Persons

MMCAP International Inc. SPC

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

CAYMAN ISLANDS

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 17,451,746.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 17,451,746.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

17,451,746.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

14.9 %

12

Type of Reporting Person (See Instructions)

OO

Comment for Type of Reporting Person: segregated portfolio company

SCHEDULE 13G

CUSIP No. 14161Y200

1

Names of Reporting Persons

MM Asset Management Inc.

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

ONTARIO, CANADA

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 17,451,746.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 17,451,746.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

17,451,746.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

14.9 %

12

Type of Reporting Person (See Instructions)

CO

SCHEDULE 13G

Item 1.
(a)	Name of issuer: Cardiol Therapeutics Inc.
(b)	Address of issuer's principal executive offices: 602-2265 Upper Middle Road East, Oakville, Ontario, Canada L6H 0G5
Item 2.
(a)	Name of person filing: This Schedule 13G is filed by the following (the "Reporting Persons"): (1) MMCAP International Inc. SPC (the "Fund"); and (2) MM Asset Management Inc. (the "Adviser"). The Fund is a private investment vehicle. The Fund directly beneficially owns the Class A Common Shares reported in this Statement. The Adviser is the investment manager of the Fund. The Adviser may be deemed to beneficially own the Class A Common Shares directly beneficially owned by the Fund. Each Reporting Person disclaims beneficial ownership with respect to any Class A Common Shares other than the Class A Common Shares directly beneficially owned by such Reporting Person.
(b)	Address or principal business office or, if none, residence: The principal business office of the Fund is c/o Mourant Governance Services (Cayman) Limited, 94 Solaris Avenue, Camana Bay, P.O. Box 1348, Grand Cayman, KY1-1108, Cayman Islands. The principal business office of the Adviser is 161 Bay Street, TD Canada Trust Tower Suite 2240, Toronto, ON M5J 2S1 Canada.
(c)	Citizenship: For citizenship or place of organization see Item 4 of the cover page of each Reporting Person.
(d)	Title of class of securities: Class A Common Shares
(e)	CUSIP No.: 14161Y200
Item 3.	If this statement is filed pursuant to §§ 240.13d-1(b) or 240.13d-2(b) or (c), check whether the person filing is a:
(a)	Broker or dealer registered under section 15 of the Act (15 U.S.C. 78o);
(b)	Bank as defined in section 3(a)(6) of the Act (15 U.S.C. 78c);
(c)	Insurance company as defined in section 3(a)(19) of the Act (15 U.S.C. 78c);
(d)	Investment company registered under section 8 of the Investment Company Act of 1940 (15 U.S.C. 80a-8);
(e)	An investment adviser in accordance with § 240.13d-1(b)(1)(ii)(E);
(f)	An employee benefit plan or endowment fund in accordance with § 240.13d-1(b)(1)(ii)(F);
(g)	A parent holding company or control person in accordance with § 240.13d-1(b)(1)(ii)(G);
(h)	A savings associations as defined in Section 3(b) of the Federal Deposit Insurance Act (12 U.S.C. 1813);
(i)	A church plan that is excluded from the definition of an investment company under section 3(c)(14) of the Investment Company Act of 1940 (15 U.S.C. 80a-3);
(j)	A non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J). If filing as a non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J), please specify the type of institution:
(k)	Group, in accordance with Rule 240.13d-1(b)(1)(ii)(K).
Item 4.	Ownership
(a)	Amount beneficially owned: See Item 9 on the cover page for each Reporting Person, and Item 2, which information is given as of the close of business on the Event Date of January 23, 2026, and which includes 11,740,207 Class A Common Shares and an additional 5,711,539 Class A Common Shares underlying warrants that can be exercised within 60 days.
(b)	Percent of class: See Item 11 on the cover page for each Reporting Person. The percentages of beneficial ownership contained herein are based on: (x) 111,680,087 Class A Common Shares outstanding as of January 23, 2026 after giving effect to the closing of an offering on such date, as reported to the Reporting Persons by Issuer's legal counsel; and (y) the Class A Common Shares underlying the warrants described in Item 4(a) above.
(c)	Number of shares as to which the person has:
	(i) Sole power to vote or to direct the vote: See Item 5 on the cover page for each Reporting Person.
	(ii) Shared power to vote or to direct the vote: See Item 6 on the cover page for each Reporting Person.
	(iii) Sole power to dispose or to direct the disposition of: See Item 7 on the cover page for each Reporting Person.
	(iv) Shared power to dispose or to direct the disposition of: See Item 8 on the cover page for each Reporting Person.
Item 5.	Ownership of 5 Percent or Less of a Class.
	Not Applicable
Item 6.	Ownership of more than 5 Percent on Behalf of Another Person.
	Not Applicable
Item 7.	Identification and Classification of the Subsidiary Which Acquired the Security Being Reported on by the Parent Holding Company or Control Person.
	Not Applicable
Item 8.	Identification and Classification of Members of the Group.
	Not Applicable
Item 9.	Notice of Dissolution of Group.
	Not Applicable

Item 10.

Certifications:

By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect, other than activities solely in connection with a nomination under ?? 240.14a-11.

SIGNATURE

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

MMCAP International Inc. SPC

Signature:	/s/ Ulla Vestergaard
Name/Title:	Ulla Vestergaard/Director
Date:	01/30/2026

MM Asset Management Inc.

Signature:	/s/ Hillel Meltz
Name/Title:	Hillel Meltz/President
Date:	01/30/2026

Exhibit Information

Exhibit 99.1 - Joint Filing Agreement

FAQ

What percentage of Cardiol Therapeutics (CRDL) does MMCAP beneficially own?

MMCAP International Inc. SPC and Asset Management Inc. report beneficial ownership of 14.9% of Cardiol Therapeutics’ Class A Common Shares. This percentage is based on 111,680,087 Class A Common Shares outstanding as of January 23, 2026, after an offering’s closing.

How many Cardiol Therapeutics (CRDL) shares does MMCAP report holding?

The reporting persons disclose beneficial ownership of 17,451,746 Class A Common Shares of Cardiol Therapeutics. This total includes both currently held shares and additional shares underlying warrants that are exercisable within 60 days of January 23, 2026.

What portion of MMCAP’s Cardiol Therapeutics (CRDL) position is from warrants?

The filing states MMCAP’s position includes 5,711,539 Class A Common Shares underlying warrants that can be exercised within 60 days. These warrant shares are included in the total beneficial ownership figure of 17,451,746 Cardiol Therapeutics Class A Common Shares.

Is MMCAP’s stake in Cardiol Therapeutics (CRDL) intended to influence control?

The reporting persons certify the securities were not acquired and are not held to change or influence control of Cardiol Therapeutics. They describe the stake as passive and not connected to any transaction aimed at altering control, except as allowed for certain nomination activities.

Who are the reporting persons in this Cardiol Therapeutics (CRDL) Schedule 13G?

The Schedule 13G is filed jointly by MMCAP International Inc. SPC, a Cayman Islands segregated portfolio company, and Asset Management Inc., an Ontario-based investment manager. The fund directly holds the shares, and the adviser may be deemed to share beneficial ownership.

How was the 14.9% ownership in Cardiol Therapeutics (CRDL) calculated?

The 14.9% figure is based on 111,680,087 Class A Common Shares outstanding as of January 23, 2026, after an offering’s closing, as reported to the filers. It also includes the Class A Common Shares underlying the exercisable warrants held by the reporting persons.