On May 3, 2024 BioVaxys Technology Corp. (CSE: BIOV) (FRA: 5LB) (the "Company") reported that it has closed the first tranche (the "First Tranche") of its previously announced non-brokered private placement (the "Private Placement") with the issuance of 5,126,574 units (the "Units") of the Company at a price of $0.065 per Unit for aggregate gross proceeds of $333,227.31 (Press release, BioVaxys Technology, MAY 3, 2024, View Source [SID1234642638]).

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Each Unit consists of one common share in the capital of the Company (each, a "Share") and one whole common share purchase warrant (each, a "Warrant"), whereby each Warrant is convertible into one additional Share at an exercise price of $0.15 until May 3, 2026, being the date that is 24 months from the date of issue.

In connection with the closing of the First Tranche of the Private Placement, the Company paid cash finder’s fees in the aggregate of $6,500 and issued a total of 60,000 finder’s warrants (each, a "Finder’s Warrant"). Each Finder’s Warrant is also convertible into an additional Share at an exercise price of $0.15 until May 3, 2026.

The Company intends to use the net proceeds of the First Tranche for general working capital purposes, including, enabling the Company to fund and advance its business plans in regard to its successful recent acquisition on February 16, 2024, of the entire portfolio of discovery, preclinical and clinical development stage assets in oncology, infectious disease, antigen desensitization, and other immunological fields based on the DPX immune educating platform technology, developed by the former Canadian biotechnology company, IMV Inc., Immunovaccine Technologies Inc., and IMV USA.

All securities issued pursuant to the First Tranche are subject to a statutory hold period under applicable Canadian securities laws expiring September 4, 2024, being the date that is four months and one day from the date of closing of the First Tranche.

The Company anticipates closing the second and final tranche (the "Final Tranche") of the Private Placement within the next two weeks. Closing of the Final Tranche is subject to the receipt of all necessary regulatory approvals, including approval of the Canadian Securities Exchange.

This news release does not constitute an offer to sell or a solicitation of an offer to buy any of the securities in the United States. The securities offered have not been and will not be registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act") or any state securities laws and may not be offered or sold within the United States or to, or for the account or benefit of, U.S. persons unless registered under the U.S. Securities Act and applicable state securities laws, unless an exemption from such registration is available.