On March 22, 2024 BioVaxys Technology Corp. (CSE: BIOV) (FRA: 5LB) (OTCQB: BVAXF) ("BioVaxys" or "the Company") reported that it intends to complete a non-brokered private placement (the "Private Placement") consisting of up to 15,384,615 units ("Units") at a price of $0.065 per Unit for total gross proceeds of up to CAD$1,000,000, before deducting any offering-related expenses (Press release, BioVaxys Technology, MAR 22, 2024, View Source [SID1234641391]). 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 $0.15 for a period of 24 months.
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Closing of the private placement is conditional upon finalizing all contractual documentation and receipt of all applicable regulatory approvals and the policies of the Canadian Securities Exchange ("CSE"). 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 intends to use the net proceeds of the Private Placement for general working capital purposes, including, enabling the Company to fund and advance its business plans in regard to its successful recent acquisition 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 ("IMV") on February 16th, 2024.The Company may pay a finder’s fee related to the financing.