On August 4, 2022 BioVaxys Technology Corp. (CSE: BIOV) (FRA: 5LB) (OTCQB: BVAXF) ("BioVaxys" or the "Company") reported a non-brokered private placement (the "Private Placement") consisting of up to 10,000,000 units ("Units") at a price of $0.10 per Unit for total gross proceeds of up to approximately $1,000,000 (Press release, BioVaxys Technology, AUG 4, 2022, View Source [SID1234617578]). Each Unit consists of one common share (a "Common Share") and one whole Common Share purchase warrant (a "Warrant") . Each Warrant is exercisable for one additional Common Share at an exercise price of $0.20 for a period of 48 months.

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All securities issued pursuant to the Private Placement are subject to a statutory hold period of four months and one day from the date of issuance. The Company may pay cash finder’s fees on all or a portion of the Private Placement.

The Company intends to use the net proceeds of the Private Placement for working capital purposes. Closing of the Private Placement is subject customary conditions of closing, including the approval of the Canadian Securities Exchange, and is expected to complete on or about August 19th, 2022.